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doubt regarding income tax exumption

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 November 2010 is there an exumption of income tax in sale of agricultural land
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Jalpa Shah

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Jalpa Shah (Expert)
12 November 2010 You may refer section 54B.
According to that section this exemption is available to only individual. And the land should be used for agriculture purpose for last 2 years immediately preceding to the date of transfer.
And the sale consideration should be invested in another agriculture land within the period of 2 years from the date of such transfer.
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Nikhil Kothari

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Nikhil Kothari (Expert)
13 November 2010 Expert, Jalpa Shah is correct, you can cliam deduction u/s 54B
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