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Can avail exemption together in sec 54b & 54f

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 March 2014 1) Can an individual avail exemption under sec 54B & 54F together and
2) Can we take benefit of purchase of agricultural land from any capital gain tax
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
18 March 2014 If the land falls under 54B then no question of any capital gain will arise and hence 54F is not material.

Any agricultural land which is not within the municipal area or notified area then this is not an asset and no capital gain will be charged.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
19 March 2014 1) If the underlying asset is land situated in the areas specified in section 2(14)(a) or (b), then section 54B and or 54F can be availed at the choice of the assessee.

2) No, except from the gain arises from the transfer of land specified in section 2(14) (a) or (b).
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