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of <h1>Section 54B: Defer agricultural land capital gains by buying replacement land within two years, with deposit rules</h1> An individual or Hindu undivided family that sells land used for agriculture within two years and purchases replacement agricultural land within two years thereafter may defer capital gains: if gains exceed the new land's cost the excess is taxed immediately and the new land's cost is treated as nil for any sale within three years; if gains are equal or less than the new cost no immediate tax arises and the new cost is reduced by the amount of gains for subsequent gain computation. If the gain is not reinvested before filing the return the amount must be deposited in a specified bank/institution by the return due date with proof; deposited amounts count as part of the new asset's cost, and any unutilised deposit after two years is taxed as income in that year but may be withdrawn under the notified scheme.
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