Deduction u/sec 54b
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 October 2016
I have sold land which is under residential zone at time of sale, but I was cultivated from last 3 years as a agriculture land. The Zone has converted from agriculture to Residential in last 6 months from the date of sale. I have purchased /invested entire sales consideration in another agriculture land before the due date of furnishing return of income .My question is that can I claim exemption U/Sec 54B for purchases of another agriculture land ?
03 October 2016
Yes section 54B exemption can be claimed in this case.
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