what i intrepet is.........if i construct 1500sqft house on 1 acre of land......i will get exemption only for 1500sqft of agricultural + cost of house. is this correct. Incase of non agricultural land i shall exemption for the entire land + costruction of house cost. i should ideally sell this house after 3 yrs to get maximum benefit of tax.

I have sold my 10 yr old residential house in july 2008. I plan to buy a piece of agricultural land of 1 acres and build a house on it of the same amount of the capital gain. will i be able to claim long term capital gain exemption on buying agricultural land OR I need to buy Non agricultural to be able to claim long term capital gain exemption. i plan to resell this land and house within 3yrs.