https://www.taxtmi.com/acts?id=3617 Where capital gain arises from transfer of land used for agricultural purposes by the assessee in the two years before transfer, reinvestment in replacement agricultural land within two years governs chargeability: if the capital gain exceeds the cost of the new asset the excess is charged as income and the new asset's cost is nil for any disposal within three years; if the gain is equal to or less than the new asset cost the gain is not charged and the new asset's cost is reduced by the gain for any disposal within three years. Unutilised gain must be deposited under a notified scheme before filing the return and becomes chargeable if not utilised within two years. en-us Sat, 19 Jan 2008 22:45:54 +0530 Thu, 28 Aug 2025 11:25:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3617 Where capital gain arises from transfer of land used for agricultural purposes by the assessee in the two years before transfer, reinvestment in replacement agricultural land within two years governs chargeability: if the capital gain exceeds the cost of the new asset the excess is charged as income and the new asset's cost is nil for any disposal within three years; if the gain is equal to or less than the new asset cost the gain is not charged and the new asset's cost is reduced by the gain for any disposal within three years. Unutilised gain must be deposited under a notified scheme before filing the return and becomes chargeable if not utilised within two years. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3617