Capital gain on urban agricultural land

This query is : Resolved

rajesh (Querist)
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29 December 2015 Dear Sir/Madam
I Have 2 Doubts in Urban Agricultural Land Sale, Please Clarify
If An Assessee Have an Urban Agricultural Land from past 10 Years, its totally Leased to Cultivator and Receive Leased Income (Agricultural Income).
1) My Doubt is if He is Sold this Urban Agr. Land He is Eligible or not to Get Exemption U/s 54B. If any Agr. Land Purchase.

If An Assessee Have an Urban Agricultural Land from Past 10 Years and its first 4 Years Used by the Father for Agricultural Purpose and Next 6 Years Leased to Cultivator and receive Leased Income from Cultivator (Agricultural Income).
1) My Doubt is if He is Sold this Urban Agr. Land He is Eligible or not to Get Exemption U/s 54B. If any Agr. Land Purchase. Please Clarify
Thanks in Advance

Amol S Joglekar

Amol S Joglekar (Expert)
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29 December 2015 54B is available if " land being used by the assessee being an individual or his parent, or a Hindu undivided family for agricultural purposes"
The exemption is available for urban lands as well.

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