24 March 2010
U CAN SAVE TAX BY GOING THRU SEX 54 B. AS PER THAT SEC, U HAVE TO PURCHASE A AGRICULTURE LAND(URBAN OR RURAL) WITHIN 2 YEAR AFTER DATE OF TRANSFER AND THIS LAND MUST NOT TRANSFER WITHIN A PERIOD OF 3 YEAR FROM DATE OF ITS ACQUISITION. BUT IF U DONT WANT TO INVEST FOR 3 YEAR PERIOD, U SHOULD PURCHASE A RURAL AGRICULTURAL LAND WITHIN 2 YEAR FROM DATE OF TRANSFER. PERIOD OF HOLDING IT FOR 3 YEAR IS NOT APPLICABLE ON THIS, U CAN SELL IT ANY TIME WITHOUT PAYING TAX.
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