02 September 2011
Section 54B of the Income Tax Act provides tax relief in form of exemption from tax on the capital gains arising on sale of land . The two important conditions for grant of such exemption are
(i) the land which is sold was being used by the assessee or his parent for agricultural purposes in the two years immediately preceding the date on which the transfer took place,; and
(ii) the assessee has purchased any other the land for being used for agricultural purposes within a period of two years after the sale of the said land .
Abhishek Ranjan Singh ARS Solutions email2ars@gmail.com +91 9022838615
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