Capital Gain Exempt from TAX Section : 54B

1	Nature	Transfer of land used for agriculture purpose
2	Available to	Individual , HUF
3	Period held before transfer	More than 2 year (Thus can be Short Term or Long Term Assets)
4	Amount exemption of	If capital Gain <amount invested= full amount If capital Gain >amount invested=  Difference is taxable
5	Conditions	Agriculture land not in rural areas used by assessee or his parents for period of two years prior to date of transfer for agricultural purposes is transferred. Purchase of agricultural land within period of two years from date of transfer. Should not be transferred for 3 years from the date of the acquisition of new land.
6	If amount not utilised till filling of return U/S 139(1)	Deposit in nationalized bank under the Capital Gain Deposit A/c Scheme
7	If Deposit not utilised	Unutilized amount taxable as CG (Long term or Short Term as the case may be) in the PY in which two years from the date of transfer of original asset expires.
8	Consequences of transfer before three years	The cost of the new assets shall be reduced by the amount of capital gains exempted earlier. Therefore amount of Capital gain exempted along with Capital Gains on sale of new property chargeable to tax in year of sale of property as STCG.

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