My client is holding an agriculture land in the name of Private Limited Co.The agriculture land is an urban land and is taxable.My client is planning to sale the agriculture land and want to avail exemption u/s 54B of Income Tax Act by investing the amount of Capital Gain in another Agriculture Land.My querry is whether my client (Pvt. Ltd Co) is eligible for exemption u/s 54B.Please clarify
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Is exemption u/s 54b of i.t act available to company assesse
Replies (1)
Hi , No Sir , section 54B exemption is only available to individual and huf and not to any other person as defined under section 2(31).
Tax Planning : For the purpose of saving tax , you can go for availing exemption under section 54F , provided the capital gain is long - term capital gain , or under section 54EC.
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