Section 54b
This query is : Resolved
30 November 2015
Urban agricultural land if used by assessee or his parents for 2 yrs or more for agricultural purposes is exempt from capital gain tax as per sec. 10(37). Then how come sec 54B is applicable on this?
30 November 2015
Exemption u/s 10(37) is available only if the land is compulsorily acquired by the Govt. It does not apply to any other mode of transfer.
54B applies to other modes of transfer.
54B applies to other modes of transfer.
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