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Section 54b

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30 November 2015 Urban agricultural land if used by assessee or his parents for 2 yrs or more for agricultural purposes is exempt from capital gain tax as per sec. 10(37). Then how come sec 54B is applicable on this?

30 November 2015 Exemption u/s 10(37) is available only if the land is compulsorily acquired by the Govt. It does not apply to any other mode of transfer.
54B applies to other modes of transfer.



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