Expemtion under sec 54b

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 March 2014 Agricultural land sold in FY 10-11 Advance Received in FY 10-11 from that advance One agricultural land purchased on FY 10-11 and registry has been made on FY 10-11 but the registry for the land which is sold on FY 10-11 made on FY 11-12. Can expemtion can be claimed for the purchase of land on FY 10-11 u/s 54B?

Amol S Joglekar

Amol S Joglekar (Expert)
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15 March 2014 54 B aims at prospective investment.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 March 2014 well if you have transferred the possession in FY 2011-12, then yes, you should be able to claim the deduction under 54B. but in such a scenario, you should not refer to money received as advance!

further, the registry itself is not the conclusive proof..the relevant factor is the possession.

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