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?
15 March 2014
54 B aims at prospective investment.
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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.
further, the registry itself is not the conclusive proof..the relevant factor is the possession.
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