Section 54B EXEMPTION ON TRANSFER OF URBAN AGRICULTURAL LAND
Section 54B
EXEMPTION ON TRANSFER OF URBAN AGRICULTURAL LAND
Eligible Assessee
Individual or HUF
Nature of Asset Transferred & Period of its Holding
• The asset transferred should be an urban agricultural land used by the assessee or his parents (in case of an individual) or HUF for agricultural purposes for a minimum period of 2 years immediately preceding its transfer.
• The urban agricultural land so transferred can be short-term/long-term. [Transfer of urban agricultural land is exempt in certain cases u/s 10(37)1]
Qualifying Asset & Time Limit for its Acquisition
The assessee should purchase another agricultural land (rural/urban) within 2 years from the date of transfer of original agricultural land.
Section 54H: Where an asset has been compulsorily acquired by the Government, the period of investment shall be computed with reference to the date of receipt of compensation
Amount of Exemption
Lower of the following two shall be available as exemption:
• Amount of capital gains; or
• Cost of new agricultural land
CGA5, 1988
Provisions of Capital Gains Account Scheme, 1988 to apply in the normal manner.
Withdrawal of Exemption
The new agricultural land should not be transferred for a period of 3 years from the date of its purchase.
Otherwise, at the time of computation of capital gains on the transfer of new agricultural lurid, the cost- of acquisition of such land shall be reduced by the amount of exemption allowed earlier u/s 54B.
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