Exemption u/s 54B - The plain language of Section 54B requires ...

Section 54B: Land Must Be Used for Agriculture by Taxpayer or Family for 2 Years Before Sale for Exemption.

July 15, 2015

Case Laws Income Tax HC

Exemption u/s 54B - The plain language of Section 54B requires the land sold to have been in use by the assessee or by his parents or the HUF for agricultural purposes for a period of two years immediately preceding the date on which the transfer took place. There is nothing in this section that bifurcates the period of the use during these two years. - HC

View Source

← Previous Next →

Exemption u/s 54B - The plain language of Section 54B requires ...

Section 54B: Land Must Be Used for Agriculture by Taxpayer or Family for 2 Years Before Sale for Exemption.

July 15, 2015

Case Laws Income Tax HC

You may also like:

ITAT upheld taxpayer's claim for exemption under section 54B regarding capital gains from sale of agricultural land. Evidence showed consistent agricultural income in...

Exemption u/s 54B - Since the land sold has been proven to be used for agriculture purpose in the preceding two years and the land purchased by the assessee has been...

Deduction u/s 54B - LTCG - Agriculture land purchased in the name Individual on behalf of HUF - Sale of agriculture land owned by HUF - In substance, the HUF is owner of...

Exemption u/s 54B - Agriculture land - vacant land - if the AO comes to the conclusion that the impugned lands are agricultural lands, still the capital gain arising on...

The ITAT Indore ruled on LTCG deduction u/s 54B for agricultural lands bought in the wife and family's names, but funded entirely by the assessee. Citing SHRI LAXMI...

Capital Gains - sale of agricultural land - scope of capital asset u/s 2(14) - the land was sold as an agricultural land and in fact, what was sold was agriculture land....

Capital asset u/s 2(14) - Claim of exemption of capital gains on sale of land – nature of land – Agricultural or not – land was used for conducting football tournament...

Deduction u/s 54B - part of land was not cultivable- Sec.54B does not specify that the entire land should be used for cultivation, if any part of the land is under...

Deduction u/s 54B - denial - sale of agricultural land standing in assesee's name - purchases of land in name of son and daughter-in-law - disallowed the exemption u/s 54B - HC

Exemption u/s 54B - agriculture land - assessee has failed to substantiate her claim with regard to the nature of land and its user in the immediately preceding two...

Exemption u/s. 54B denied - Assessee did not file return of income - As observed on the amendment in section 139(1) of sixth Proviso, section 54, section 54B or section...

Addition u/s 56 - difference amount of stamp duty value and purchase value - Whether such agriculture land falls in the definition of capital asset u/s 2(14) or whether...

The ITAT upheld the CIT(A)'s decision allowing deductions under section 54B to the appellant. The Tribunal found that Khasra Girdawari records for Samvat 2074-2077...

Deduction u/s 54B - Benefit of exemption denined on the ground that, the land was sold by the assessee to a developer and ultimately the land would be used for...

LTCG - Exemption u/s 54B in respect of gains on sale of agriculture land - two crop seasons in the two years preceding to the date of transfer, meets the legal...

Quick Updates: