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Sale of ancestral agriculture land


MOHD AZID (TAX LAWYER)     28 December 2012

MOHD AZID
TAX LAWYER 
 122 points

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Dear Respected

Hi, My Assessee had ancestral agriculture land, Which was Urban Agriculture Land at the time of sale in October 2008 for Rs. 1,11,01,000/-, land bought by assessee's father in 1970's for Rs. 10000/-, assessee's father passed away in 2005, hence assessee's mother & assessee & assessee's 4 brothers are share holder in the said land at the time of sale. Sales deed has been done by all family members. Family is still undivided as it was at the time of selling their parental land. Further agricultural lands for Rs. 57 Lacs were purchased by the family members in the name of mother in 2009 & the remaining amount of Rs. 54,,01,000/- is used for construction of parental house in 2009, in which the whole family resides.

Now arise the question that, Deduction of 54B will be allowed to assessee's & assessees brothers? Because all the above purchase deeds for Rs. 57 Lacs are in the name of assessee's mother. 

Assessee's & Assessee's mother & assessee's 4 brothers cases was selected for scrutiny as Individual Status and are under consideration before ITO.

Kindly guide on said matters

Waiting for essential reply

avater

saurabh jain (Audit Specialist)     28 December 2012

saurabh jain
Audit Specialist 
 17 likes  271 points

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Whst are concerns raised by them or questions asked by them??

1 Like
avater

MOHD AZID (TAX LAWYER)     28 December 2012

MOHD AZID
TAX LAWYER 
 122 points

View Profile | My Other Post

Thnx for your interest in my matter

Assessing officers are not given the deduction of 54B to assessee's & assessees brothers? Because all the above purchase deeds for Rs. 57 Lacs are in the name of assessee's mother.


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