Deduction u/s 54b

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Rahul (Querist)
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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????

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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).

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