Individual or HUF
Nature of Income
Capital gains arising out of sale of agricultural land
Conditions laid down for Tax Exemption u/s 10(37)
The land is situated in area as referred to in section 2(14)(iiia) or 2(14)(iiib)
Such land was used in previous two years from the date of transfer for agricultural purpose by the assessee or his parents
Transfer is by way of compulsory acquisition or consideration or enhanced consideration of which is approved by RBI or Central Govt.
Such income arises on or after 1.4.2004