Long term capital gain

if a asset which is not covered under defination of capital asset is tranferred then it is capital receipts and not taxable at all.

then in computax where we can show the income?

It is not a Taxable Income so will not come in Computation

Right, it will not come in computax anywhere, it is not an income as per income tax act, it is simply a capital receipt. Credit it directly to Capital Account and will not be shown in Income Tax Return (Computax) anywhere.

totally agreed

if the same person invest the amount in  a residential house is it required to show it in the computax?

the deduction of sec 54(series) are available agaist capital gain 

if there is no capital gain so no question arouses of deduction

Agriculture land in rural area is not covered in definition of Capital asset hence no capital gain is applicable in case of sale of agriculture land in rural area .However capital gain tax is applicable if land is situated in urban area.

dear if it is not a capital asset than how  can u say it is a capital gain

U/S 2(14),capital asset does not include RURAL AGRICULTURE LAND but not AGRICULTURE LAND

So first you need to bifurcate your land as wheather rural or urban agriculture land,if if is rural agriculture land no CAPITAL GAIN TAX, otherwise liable to pay capital gain tax.

the following are the basis for bifurcation as follows

To be eligible a land as rural agriculture land,either of the following conditions are satisfied

1)If your land is situated beyond the 10kms from municipality or cantonement board

                                               OR

2)If the population where land is situated is above 10000 as per latest census available

Whether the ITO challenge the Assessee's declaration of 'Rural Agricultural land' ?

Whether ITO can demand Local authority's certification regarding categorisation of land as Agricultural land as an evidence evenif the following conditions are satisfied ?

1)If your land is situated beyond the 10kms from municipality or cantonement board                                                OR 2)If the population where land is situated is above 10000 as per latest census available.

Rural agriculture land is not covered in definition of Capital asset hence no capital gain on sale of rural agriculture land.