Section 54B exemption

Aman Sachdeva (4 Points)

21 January 2023  
An assessee has transferred urban agricultural land during the year and claimed an exemption u/s 54B by investing in rural agricultural land.
Now there is a clause in 54B that the new asset shall not be transferred within a period of 3 years. Now if the assessee transfers rural agricultural land, will the capital gain arise since the rural agricultural land is not a capital asset within the meaning of Section 2(14) of the Income Tax Act, 1961.