Deduction u/s 54b
This query is : Resolved
03 February 2014
Ancestral Urban Agriculture Land of a lady was acquired by govt and compensation received for it was Rs.50 lacs.
She transferred compensation received to her sons who have purchased an agriculture land within one year of compensation received by their mother.
Whether the mother is entitled for deduction u/s 54B????
She transferred compensation received to her sons who have purchased an agriculture land within one year of compensation received by their mother.
Whether the mother is entitled for deduction u/s 54B????
03 February 2014
Mother is not entitled to claim the benefit of section 54B since reinvestment is in the name of her sons.
Citation:- Jai Narayan Vs. ITO (2008) 306 ITR 335(P&H).
Citation:- Jai Narayan Vs. ITO (2008) 306 ITR 335(P&H).
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