54b
This query is : Resolved
02 September 2011
Section 54B of the Income Tax Act provides tax relief in form of exemption from tax on the capital gains arising on sale of land . The two important conditions for grant of such exemption are
(i) the land which is sold was being used by the assessee or his parent for agricultural purposes in the two years immediately preceding the date on which the transfer took place,; and
(ii) the assessee has purchased any other the land for being used for agricultural purposes within a period of two years after the sale of the said land .
Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615
(i) the land which is sold was being used by the assessee or his parent for agricultural purposes in the two years immediately preceding the date on which the transfer took place,; and
(ii) the assessee has purchased any other the land for being used for agricultural purposes within a period of two years after the sale of the said land .
Abhishek Ranjan Singh
ARS Solutions
email2ars@gmail.com
+91 9022838615
06 September 2011
who full fill the the above conditions
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- ASMT-10 received from A O
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- IT returns for fresh job holders
- ITR-Capital Gain
- Reporting in TDS return
- Traces submitting correction statement error
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
