Whether capital gain on compulsory acquisition of urban agricultural land exempt?

Yes, full capital gain on compulsory acquisition of urban land is exempt. Provided :
1.You are an individual;
2.You own a land in urban area;
3.Such land was being used for agricultural purpose for a period of 2 years before the date of transfer either by you or your parents;
4.Such land is transferred by way of compulsory acquisition under any law;
5.You have received consideration for such transfer on or after 1-4-2004.