Agricultural income & sale of agricultural land

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 August 2018 Client has sold an agricutural land in F.Y. 2017-18. He has also purchased another agricultural land to claim exemption u/s 54B. But as per the condition, he should have used the agricultural land for agricultural purpose at least for a period of two years immediately preceding the date of transfer. But client has not declared agricultural income in any of the earlier years. Can he claim the exemption?

26 August 2018 Check records of revenue authority the classification of land. Exemption can be claimed if as per records it is agricultural land.

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 August 2018 As per you, it doesn't matter whether the client has shown agricultural land or not??

28 September 2021 No. If query raised, you need to justify the use 'as agricultural land' only based on talati records.


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