Deducton u/s 54b

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 October 2011 Whether deduction u/s 54B is available to HUF or not. In IT Rules the word "Assessee" has been used. My doubt is that the word assessee refers what, individual or HUF.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

05 October 2011 54B is not applicable to HUF.
Although section 54B uses the term assessee, it should be read as "an assessee who has (or a parent of his has) used the land for agricultural purposes in the two years immediately preceding the date of transfer".

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now