03 January 2015
CAN A ASSESSEE CLAIM EXEMPTION U/S 54B, IF ASSESSEE SALE URBAN AGRICULTURAL LAND WHICH IS IN HIS NAME AND PURCHASE NEW AGRICULTURAL LAND IN NAME OF HIS SONS? PROVIDE CASELAW IF AVAIL.
If he Gift the property to his son after buying it then also no capital gain would be charged and no stamp duty on such Gift Deed as the cost of New Asset would be treated as Nil Also Sales Consideration is Nil
05 January 2015
yes you are eligible for claim deduction under section 54B by referring the ruling and reasnoning of Honorable Delhi High Court in case KAMAL WAHAL
05 January 2015
3 years period of holding the Newly purchased land is must for capital gain purpose...as per 54B... So after 3 years, one can very well gift it....
CAclubindia
