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.
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".
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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