08 August 2012
Sir/Mam What is difference between Section 10(37) and 54B of Income Tax Act ? Is exemption of capital gain arising by way of compulsory acquisition of agricultural land by govt available in section 54b ? If yes, then if exemption of capital gain in above case is not claimed in Section 54B (due to non purchase of agricultural land or deposit in scheme), can exemption be claimed under Section 10(37) ?
Guest
Guest
(Expert)
09 August 2012
Sec 10(37) is concerned with compulsory acquisition but only urban agricultural land has to be sold for exemtion under section 54B
CAclubindia
