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 the two years immediately preceding the date on which the transfer took place, was being used by the assessee or a parent of his for agricultural purposes [(hereinafter referred to as t...