Exemption u/s 54B available if deposit in capital gain account scheme made before due date of filing of belated ITR

INCOME TAX : Section 54B(1) requires purchasing of new agricultural land within period of two years from date of sale of earlier agricultural land, thus, where original agricultural land was sold by assessee on 12-10-2011 and new agricultural land was purchased on 26-8-2013, which was well within given period of two years from date of transfer, assessee having complied with conditions for availing exemption under section 54B could not have been denied exemptionINCOME TAX : Section 54B(1) requires purchasing of new agricultural land within period of two years from date of sale of earlier agricultural land, thus, where original agricultural land was sold by assessee on 12-10-2011 and new agricultural land was purchased on 26-8-2013, which was well within given period of two years from date of transfer, assessee having complied with conditions for availing exemption under section 54B could not have been denied exemptionwww.taxmann.com Latest Case LawsRead More

Leave a Reply