U\s 54
This query is : Resolved
DEEPAK GOYAL
(Querist)
05 March 2014
assessee sold his urban agriculture land vide an agreement and purchased another agriculture land out of part amount received deal of buyer was not finalized and land sold to another person amount received from 1st buyer returned out of sale proceeds from subsequent buyer. cancellation deed executed for 1st deal. exemption u/s 54 available for purchase of agriculture land prior to registration of land sold subsequently? citation required.
06 March 2014
Exemption u/s. 54 is on Residential House. Hence no benefit can be claimed in this section on Agricultural Land.
You may be able to get benefit u/s. 54B.
You may be able to get benefit u/s. 54B.
Rupesh Jain
(Expert)
10 March 2014
u/s 54B for agriculture land and minimum two year owner ship is required.
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