Section 54 b
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 November 2014
One my client is selling land and willing to take exemption under 54B.
1. 7/12 of land (original) shows it as bagayati & vegetables are shown in 7/12 for last 2 yrs.
Are these documents enough to prove it as agriculture land and used for agriculture purpose.
2. Even new land to be purchased has same details in its 7/12 exctract. New land comes residential zone but currently it is used for growing crops.
In the above case what should i advice to him & what documents should i keep for future scrutiny???
1. 7/12 of land (original) shows it as bagayati & vegetables are shown in 7/12 for last 2 yrs.
Are these documents enough to prove it as agriculture land and used for agriculture purpose.
2. Even new land to be purchased has same details in its 7/12 exctract. New land comes residential zone but currently it is used for growing crops.
In the above case what should i advice to him & what documents should i keep for future scrutiny???
Nikhil Kaushik
(Expert)
12 November 2014
given the language of section 54B, the exemption should be allowed.....keep all the 7/12 on record along with records relating to the produce on both the lands alongwith the sale that produce.
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