whether deduction of section 54 is available on short term capital gain arising on transfer of urban agriculture land?
As section specifies that agriculture land must be used by the assessee for agriculture land for 2 year immediately prceeding the date of transfer but did not mention that assest must be owned by assessee for these 2 years.
Exemption under section 54B can be claimed in respect of capital gains arising on transfer of capital asset, being agricultural land (may be long-term or short-term).
This benefit is available only to an individual or a HUF. The land should be used for agricultural purpose at least for two years.
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