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Clarification reg-54b

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 January 2013 Before sale of Agriculture land we purchased Agriculture land can we get exemption u/s 54B with relevant case law if any.


Thanks in advance
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
29 January 2013 If there be any case law, it will be of no use as the Section is very clear about the period of purchase of land.
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For availing the exemption the new asset should be purchased within 2 years AFTER the date of transfer of AGRICULTURE LAND.
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