Applicability of Sec.54B

for availing exemption u/s 54B, capital gains arising from the transfer of land , the assessee r his parents should use the land for agaricultural purposes for a period of two years, immediately preceding the date of transfer.

on transfer of such capital asset, the assesse should purchase another land for agricultural purpose within 2years from the date of such transfer.

As said by Mr.Srinivas Murthy the said net consideration arising on the transfer of the property( original capital assest)  should be used for the purchase of any land used for agricultural purposes provided  it should be purchased within a period of 2years after the date of transfer og the original capital assest.

Priyanka