There is an assessee who sold his agricultural land and purchased new agricultural land. Assessee's son is the co-owner of the new agricultural land. Can the assessee claim the exemption u/s 54B?????
Sunshine
(Helping All)
(10575 Points)
Replied 21 December 2010
yes he can..there can be co owners of the new property......m sure nabeel u can bank upon it
CA Sahil Singla..
(Service Tax )
(3746 Points)
Replied 21 December 2010
agreed with Sneha....the the same has been notified by Hon' High court of Punjab & Haryana in CIT, Ludhiana Vs Gurnam Singh....it was exactly similar 2 ur case...so exemption in 54B is available
CA Pawan kumar mishra
(chartered accountant)
(168 Points)
Replied 21 December 2010
yes he can avail the benefit as per section 54B
CA Rohit Garg
(CA )
(330 Points)
Replied 21 December 2010
HItesh, the capital gain is exempt only when the land is away from the municipal limits. The transfer of every agriculture land is not exempt.
CA Sahil Singla..
(Service Tax )
(3746 Points)
Replied 21 December 2010
Mr. Hitesh...Rural Agricultural Land is exempted frm capital Gains...not the Urban Agricultural Land..it's is taxable as usual under capital Gains
CA Saba Naaz
(Chartered Accountant)
(8487 Points)
Replied 21 December 2010
Yes.......he can claim exemption u/s 54B in case of urban agricultural land.
in the question it is not mentioned dat it is a urban land or rural land...
dis creates a confusion...
so accordingly i m right... in case of rural agriculture land
bt since all are assuming the fact tht the land is rural....
since u guys are assuming dat the land is urban land...u guys r rite..!!!
Nabeel
(CA)
(3288 Points)
Replied 22 December 2010
thanks frnds..... i knew it but i want to confirm.....