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Deducton u/s 54b

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Querist : Anonymous

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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.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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".

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