if agriculture land sold & capital gain arising out of it. & if another agriculture land purchase in the name of major childrens of assessee then can assessee claim the exemption under section 54b for such land.??
priya (article) (154 Points)
31 May 2012if agriculture land sold & capital gain arising out of it. & if another agriculture land purchase in the name of major childrens of assessee then can assessee claim the exemption under section 54b for such land.??
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 31 May 2012
No...The assessee cannot claim deduction like that.
Better way is to first purchase in own name and then transfer it as a gift.
ashish kumar singhal
(student)
(21 Points)
Replied 31 May 2012
NO the assessee can not claim exemption
CAclubindia
