Capital gain
This query is : Resolved
DEEPAK DABRAL
(Querist)
21 July 2014
DEAR ALL
I HAVE A QUERRY.
THERE IS A ASSESSEE WHO SOLD CERTAIN AGRICULTURAL LAND ON 10-09-2011 (DURING FINANCIAL YEAR 2011-12) FOR Rs. 25,00,00,000/- HOWEVER ASSESSEE DIDNOT FILED ANY RETURN.
ASSESSEE DIED ON 30/09/2011.
LEGAL HEIRS OF ASSESSEE PURCHASED AGRICULTURAL LAND BEFORE DUE DATE THAT WAS 31/08/2012.
ON FINANCIAL YEAR 2013-2014 LEGAL HEIRS OF ASSESSEE RECEIVED NOTICE U/s 148 TO FILE RETURN.
MY QUESTION IS THAT CAN WE CLAIM EXEMPTION U/S 54B IN RESPECT OF AGRICULTURAL LAND PURCHASED BY LEGAL HEIRS.
DEEPAK DABRAL ( ca.dd.2012@gmail.com)
I HAVE A QUERRY.
THERE IS A ASSESSEE WHO SOLD CERTAIN AGRICULTURAL LAND ON 10-09-2011 (DURING FINANCIAL YEAR 2011-12) FOR Rs. 25,00,00,000/- HOWEVER ASSESSEE DIDNOT FILED ANY RETURN.
ASSESSEE DIED ON 30/09/2011.
LEGAL HEIRS OF ASSESSEE PURCHASED AGRICULTURAL LAND BEFORE DUE DATE THAT WAS 31/08/2012.
ON FINANCIAL YEAR 2013-2014 LEGAL HEIRS OF ASSESSEE RECEIVED NOTICE U/s 148 TO FILE RETURN.
MY QUESTION IS THAT CAN WE CLAIM EXEMPTION U/S 54B IN RESPECT OF AGRICULTURAL LAND PURCHASED BY LEGAL HEIRS.
DEEPAK DABRAL ( ca.dd.2012@gmail.com)
DEEPAK DABRAL
(Querist)
21 July 2014
I have refered a case law which states that exemption is available to assessee , when he initiated process of purchasing agricultural land but could not complete it due to sudden death and legal heirs completed same....
is there any other solution of same issue.
is there any other solution of same issue.
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