MAYANK VIJAYVARGIYA (ARTICLE) (27 Points)
13 June 2018Dear All,
Please Confirm can we take benefit of 54B of Exemption in case We purchase the new agriculture Land Prior to transfer of previously owned agricultural land.
MAYANK VIJAYVARGIYA
(ARTICLE)
(27 Points)
Replied 14 June 2018
But as per case Law in ITAT in 2013 it gives benefit of Section 54 B
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169269 Points)
Replied 14 June 2018
In that case only transfer was delayed, not sale agreement.
The new land was purchased from the money received from the sale (agreement) of the old property, but the sale deed was executed after the purchase of new land, hence it was allowed.
[Asstt. CIT Vs Dr. S. Balasundaram (ITAT Chennai);
Appeal Number : ITA No. 1832/Mds/2012
Date of Judgement/Order : 27/05/2013
MAYANK VIJAYVARGIYA
(ARTICLE)
(27 Points)
Replied 15 June 2018
In Our Case also we purchased the land from sale proceeds of originally land sold.
So can we claim it
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(169269 Points)
Replied 15 June 2018
Case requires to be studied in details before any opinion...... Advised to contact professional.
CAclubindia
