14 June 2018
The agricultural land was sold back in 2014. The sale deed was executed in 2016. Meanwhile, out of the proceeds of the sale of and in 2014, 3 agricultural lands were purchased which are unavailable for exemption u/s 54 as the time limit for the same has lapsed. However, the proceeds were only invested for the purchase. Is there any way to claim the deduction based on any previous case law? Please guide. Any help would be appreciated.
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