https://www.taxtmi.com/acts?id=46151 A new provision exempts immediate charging of capital gain on sale of agricultural land when the assessee or a parent had used the land for agriculture and the assessee buys replacement agricultural land within a prescribed period; if the gain exceeds the replacement cost the excess is charged and the replacement asset's cost is treated as nil for computing gain on its sale within a short subsequent period, whereas if the gain is equal to or less than the replacement cost the gain is not charged and the replacement asset's cost is reduced by that gain for such subsequent computation. en-us Thu, 12 Dec 2024 17:39:06 +0530 Mon, 19 May 2025 16:34:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=46151 A new provision exempts immediate charging of capital gain on sale of agricultural land when the assessee or a parent had used the land for agriculture and the assessee buys replacement agricultural land within a prescribed period; if the gain exceeds the replacement cost the excess is charged and the replacement asset's cost is treated as nil for computing gain on its sale within a short subsequent period, whereas if the gain is equal to or less than the replacement cost the gain is not charged and the replacement asset's cost is reduced by that gain for such subsequent computation. Act-Rules F. Acts / Amendment Acts Thu, 12 Dec 2024 17:39:06 +0530 https://www.taxtmi.com/acts?id=46151