Regarding section 54b of income tax act
This query is : Resolved
CA BRAJESH VARSHNEY
(Querist)
08 January 2019
A land which was used in agricutural purpose by the assesse for more than two years
is sold by the assesee by dividing it in plots(SALE DEED ARE MADE TREATED AS NON AGRICULTURAL LAND) without converting it into "non ag land" the question is if assesee purchased another ag land within time allowed as per act whether 54B benefit will be available to the assessee or not
is sold by the assesee by dividing it in plots(SALE DEED ARE MADE TREATED AS NON AGRICULTURAL LAND) without converting it into "non ag land" the question is if assesee purchased another ag land within time allowed as per act whether 54B benefit will be available to the assessee or not
CA R SEETHARAMAN
(Expert)
08 January 2019
Yes 54B benefit available.
CA BRAJESH VARSHNEY
(Querist)
08 January 2019
sir section 54B is available only on the sales of agricultural land in the same way, not in the non agricultural land, in this case, will section 45(2) be not attract to the assessee, sir please guide
08 January 2019
1. Seems 45(2) doesn't attract since there is no conversion / transfer as stock in
trade.
2. 54B can be opted since in revenue records it is agrl. land and never sought to be used for non agrl purposes.
Inference - CIT Vs. Debbile Alemao (2010) 46 DTR 341 (Bom)
trade.
2. 54B can be opted since in revenue records it is agrl. land and never sought to be used for non agrl purposes.
Inference - CIT Vs. Debbile Alemao (2010) 46 DTR 341 (Bom)
CA R SEETHARAMAN
(Expert)
08 January 2019
Agreed with the above reply.
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