Exemption under section 54b

This query is : Resolved

CA ANAND B. PANCHAL (Querist)
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03 January 2015 CAN A ASSESSEE CLAIM EXEMPTION U/S 54B, IF ASSESSEE SALE URBAN AGRICULTURAL LAND WHICH IS IN HIS NAME AND PURCHASE NEW AGRICULTURAL LAND IN NAME OF HIS SONS? PROVIDE CASELAW IF AVAIL.

Amol S Joglekar

Amol S Joglekar (Expert)
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03 January 2015 the seller and the subsequent buyer has to be same.....Seller in the name of father.... and buying in the name of son...not permitted

Rupesh Jain

Rupesh Jain (Expert)
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03 January 2015 no if the seller and buyer will be same. then you can claim otherwise not.

Rupesh Jain

Rupesh Jain (Expert)
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03 January 2015 no if the seller and buyer will be same. then you can claim otherwise not.

Amol S Joglekar

Amol S Joglekar (Expert)
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03 January 2015 the seller and buyer has to be same...
At the most what you can do is purchase the new asset in joint names

CA NAVEEN SINGLA

CA NAVEEN SINGLA (Expert)
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04 January 2015 Amol Sir,

Plz correct if I am Wrong

If he Gift the property to his son after buying it then also no capital gain would be charged and no stamp duty on such Gift Deed as the cost of New Asset would be treated as Nil Also Sales Consideration is Nil

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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05 January 2015 yes you are eligible for claim deduction under section 54B by referring the ruling and reasnoning of Honorable Delhi High Court in case KAMAL WAHAL

Amol S Joglekar

Amol S Joglekar (Expert)
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05 January 2015 3 years period of holding the Newly purchased land is must for capital gain purpose...as per 54B...
So after 3 years, one can very well gift it....

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