Exemption on capital gain

Manjula (Articles) (111 Points)

18 January 2014  

Hi friends....

     I have a query in capital gain exemption . "A  person is getting long term capital gain by selling a vaccant land in march 2013 which he purchased in november 2009.Then he purchased another vaccant land in the same month of sale i.e march 2013. whether the capital gain arising from sale of vaccant land is exempted because of the purchase of new vaccant land ?? If so under what section the same shall be exempted ??? 

Thanks in advance friends...