Capital gains rollover relief for agricultural land: reinvestment within prescribed period defers tax and adjusts the new land's cost basis.

Capital gains on transfer of agricultural land by an individual or Hindu undivided family are deferred if the assessee purchases other agricultural land within the prescribed reinvestment period; excess gains over the new land's cost are charged as income and the new land's cost is treated as nil for subsequent short-term transfers, whereas gains up to the new land's cost reduce its cost. Unutilised gains must be deposited in a specified institution before filing the return, deemed part of the new asset's cost, and any unused deposit after the reinvestment period is charged as income and may be withdrawn per the notified scheme.

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