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of <h1>Tax deferral for capital gains on agricultural land if proceeds reinvested in other agricultural land within two years</h1> Where capital gain arises from transfer of agricultural land used by the taxpayer (or his parent or an HUF) in the two years before transfer, tax on that gain is deferred if the taxpayer purchases other agricultural land within two years. If the gain exceeds the cost of the new land, the excess is charged as income and the new land's cost is treated as nil for any capital gain on its sale within three years; if the gain is equal to or less than the new cost, the gain is not charged and the new land's cost is reduced by that amount. Any uninvested portion must be deposited in a notified bank/scheme before filing the return and taxed if not applied within two years.
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