The provisions are very clear, it says assets other than securities, the period of holding is 36 months i.e. 3 years.
The condition of 2 years for the purpose of claiming exemption under Section 54 B only means that such Agriland should have been used for agri purposes in the 2 years preceding the year of Transfer, it has nothing to do with the period of Holding which is ABOVE 3 YEARS FOR LONG TERM, LESS THAN OR EQUAL TO 3 YEARS, ITS SHORT TERM.
Thanks
Regards CA. Lohith. J B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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