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?????
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Capital Gain - 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
YES HE CAN....
yes he can avail the benefit as per section 54B
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.
no...its an urban land...
thanks frnds..... i knew it but i want to confirm.....
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