Capital Gain - 54B

There is an assessee who sold his agricultural land and purchased new agricultural land. Assessee's son is the co-owner of the new agricultural land. Can the assessee claim the exemption u/s 54B?????

Replies (13)

please help me....

yes he can..there can be co owners of the new property......m sure nabeel u can bank upon it

agreed with Sneha....the the same has been notified by Hon' High court of Punjab & Haryana in CIT, Ludhiana Vs Gurnam Singh....it was exactly similar 2 ur case...so exemption in 54B is available

agreed with sneha..

there can be co owners of new property. so he can claim exemption u/s  54 b

YES HE CAN....

yes he can avail the benefit as per section 54B

since agriculture land is specifically exempt as far as cap. assets is concern...there is no question regarding capital gain....!!!!

HItesh, the capital gain is exempt only when the land is away from the municipal limits. The transfer of every agriculture land is not exempt.

Mr. Hitesh...Rural Agricultural Land is exempted frm capital Gains...not the Urban Agricultural Land..it's is taxable as usual under capital Gains

Yes.......he can claim exemption u/s 54B in case of urban agricultural land.
 

in the question it is not mentioned dat it is a urban land or rural land...

dis creates a confusion...

so accordingly i m right... in case of rural agriculture land

bt since all are assuming the fact tht the land is rural....

since u guys are assuming dat the land is urban land...u guys r rite..!!!

no...its an urban land...

thanks frnds..... i knew it but i want to confirm.....

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details
Company
10 October 2026
Accounts Associate Level 1

Abic and Mani Chartered Accountants

Kottayam

B.Com

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
14 October 2026
GST & TDS ASSISTANT

AGGARWAL SANJAY & ASSOCIATES

New Delhi

B.Com

View Details
Company
Featured ARTICLESHIP 06 October 2026
Semi Qualified

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details
Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details