HUF is eligible for Exemption under section 54B only w.e.f. 1-4-2013

Ashok Kisan Bahirat (HUF) & Anr Vs ITO (ITAT Pune)

The provisions of section 54B have been amended by the Finance Act, 2012 w.e.f. 01-04-2013. The relevant extract of the pre-amended and the amended provisions of section 54B are reproduced here-in-below :

Pre-amended:

“54B. Subject to the provisions of sub-section (2), where the capital gain arises from the transfer of a capital asset being land which, in

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