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Income tax

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(Querist)
15 July 2014 assessee has earned long term capital gain in sale of agricultural land which is limit of municipal corporation on 27/07/2011 and he has executed purchase feed of agricultural land on 9/3/2011 but the paymentis made after in receipt of sale of agricultural land in that case assessee is entitled to get deduction u/s 54B(1)of income tax act?
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CA SUNIL K GARG

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CA SUNIL K GARG (Expert)
15 July 2014 as per section 54 b(1), dedction is available if the new agriculral land is aquired within a period of two years after the date of sale.
now in ur case, the purchase deed has beeen excuted before the date of sale
as per sec 53 A of tranfer of property act , tranfer is completed only if possession has been offered and consideration has been recd. u have not clarified wheathjer possession has been offered at the time of purchase or not. and why the sale deed was executed on 9/3/2011 without consideration.
as per my view , if possession was not given and it was linked with consideartion, then u can claim dedction u/s 54 B 1.
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