THERE IS A ASSESSEE WHO SOLD CERTAIN AGRICULTURAL LAND ON 10-09-2011 (DURING FINANCIAL YEAR 2011-12) FOR Rs. 25,00,00,000/- HOWEVER ASSESSEE DIDNOT FILED ANY RETURN.
ASSESSEE DIED ON 30/09/2011.
LEGAL HEIRS OF ASSESSEE PURCHASED AGRICULTURAL LAND BEFORE DUE DATE THAT WAS 31/08/2012.
ON FINANCIAL YEAR 2013-2014 LEGAL HEIRS OF ASSESSEE RECEIVED NOTICE U/s 148 TO FILE RETURN.
MY QUESTION IS THAT CAN WE CLAIM EXEMPTION U/S 54B IN RESPECT OF AGRICULTURAL LAND PURCHASED BY LEGAL HEIRS.
21 July 2014
I have refered a case law which states that exemption is available to assessee , when he initiated process of purchasing agricultural land but could not complete it due to sudden death and legal heirs completed same....
CAclubindia
