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of <h1>Agricultural Land Transfer Tax Exemption: New Section 54B Offers Relief for Farmers Reinvesting in Agricultural Property</h1> The amendment modifies Chapter IV-E of the Income-tax Act, introducing provisions for capital gains on agricultural land transfers. It adds a new section 54B allowing tax exemption or adjustment when agricultural land is sold and another land is purchased for agricultural purposes within two years. The amendment provides specific conditions for calculating capital gains, including scenarios where the gain is greater or less than the cost of the new land asset, with provisions for tax treatment and cost basis calculations.
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