Dear Respected
Hi, My Assessee had ancestral agriculture land, Which was Urban Agriculture Land at the time of sale in October 2008 for Rs. 1,11,01,000/-, land bought by assessee's father in 1970's for Rs. 10000/-, assessee's father passed away in 2005, hence assessee's mother & assessee & assessee's 4 brothers are share holder in the said land at the time of sale. Sales deed has been done by all family members. Family is still undivided as it was at the time of selling their parental land. Further agricultural lands for Rs. 57 Lacs were purchased by the family members in the name of mother in 2009 & the remaining amount of Rs. 54,,01,000/- is used for construction of parental house in 2009, in which the whole family resides.
Now arise the question that, Deduction of 54B will be allowed to assessee's & assessees brothers? Because all the above purchase deeds for Rs. 57 Lacs are in the name of assessee's mother.
Assessee's & Assessee's mother & assessee's 4 brothers cases was selected for scrutiny as Individual Status and are under consideration before ITO.
Kindly guide on said matters
Waiting for essential reply
CAclubindia
