Section 54B

All about Section 54, 54B, 54D, 54F, 54GA, 54EC, 54G & 54GB

Income Tax - Article Explains all about Section 54, Section 54B, Section 54D, Section 54G/ 54GA in case of shifting to SEZ, Section 54EC, Section 54F and Section 54GB...

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Section 54B Exemption on Capital Gains from Transfer of Agricultural Land

Income Tax - The Articles discusses about Basic conditions, Exemption Under Section 54B of Income Tax Act, 1961 available to Individual and HUF against Capital Gain Arising from Transfer of Agricultural Land by investment of Capital Gain amount in another land or in Capital Gains Deposit Account Scheme....

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Reduce 3 Year limit under section 54, 54B, 54D and 54F to 2 Years

Income Tax - Section 2(42A) - Reduction in holding period in case of immovable property, being land or building or both, to qualify as long term capital asset - Consequential amendments to be made in sections 54, 54B, 54D and 54F...

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Exemption U/s 54B allowable on Jirayat type of agricultural land as it was cultivable land

Murtuza Shabbir Jamnagarwala Vs ITO (ITAT Pune) - Murtuza Shabbir Jamnagarwala Vs ITO (ITAT Pune) Conclusion: Assessee was entited for exemption u/s. 54B as the land transferred by assessee was “Jirayat” type of agricultural land and the same was cultivated land as “Jowar crop” was grown on the same in last four years in line. Held: Assesse...

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Exemption U/S 54B Available for Purchase of Agricultural Land in Son’s Name

Balu Vitthal Kharate Vs ACIT (ITAT Pune) - Balu Vitthal Kharate Vs ACIT (ITAT Pune) Amendment to section 55A is effective from 01.07.2012 and the same doesn’t have retrospective effect. Exemption u/s 54B cannot be denied on the base that the land was purchased in son’s name when the new land was used for agricultural purpose. FACTS – A...

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Deduction U/s. 54B on Purchase of new asset before furnishing Return either U/s. 139(1) or belatedly U/s. 139(4)

Manilal Dasbhai Makwana Vs ITO (ITAT Ahmedabad) - Though capital gain utilized towards purchase of new asset before furnishing of return of income either under section 139(1) or belatedly under section 139(4) would be deemed to be sufficient compliance of section 54B(2), therefore, denial of the deduction under section 54B towards purchase of agric...

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No penalty on disallowance of Deduction U/s. 54B claimed under a bona fide belief

Nitinkumar Desai Vs ACIT (ITAT Ahmedabad) - Where assessee after, investing capital gain in purchase of new agricultural land within prescribed time, harbored a bona fide belief that there was not any tax liability of capital gain and substantiated his explanation with relevant evidence, imposition of penalty under section 271(1)(c) was unjus...

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

Ashok Kisan Bahirat (HUF) & Anr Vs ITO (ITAT Pune) - If intention of Parliament was to include HUF prior to the said date then the amendment would have been carried out in respect of section 54B as well along with section 54. Therefore, amended provisions of section 54B were not applicable retrospectively and assessee-HUF was not entitled to exempti...

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Section 54B’s Popular Posts

Recent Posts in "Section 54B"

Exemption U/s 54B allowable on Jirayat type of agricultural land as it was cultivable land

Murtuza Shabbir Jamnagarwala Vs ITO (ITAT Pune) - 

Murtuza Shabbir Jamnagarwala Vs ITO (ITAT Pune) Conclusion: Assessee was entited for exemption u/s. 54B as the land transferred by assessee was “Jirayat” type of agricultural land and the same was cultivated land as “Jowar crop” was grown on the same in last four years in line. Held: Assessee, along with other two co-owners, enter...

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Exemption U/S 54B Available for Purchase of Agricultural Land in Son’s Name

Balu Vitthal Kharate Vs ACIT (ITAT Pune) - 

Balu Vitthal Kharate Vs ACIT (ITAT Pune) Amendment to section 55A is effective from 01.07.2012 and the same doesn’t have retrospective effect. Exemption u/s 54B cannot be denied on the base that the land was purchased in son’s name when the new land was used for agricultural purpose. FACTS – Assessee, along with 5 other […]...

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Deduction U/s. 54B on Purchase of new asset before furnishing Return either U/s. 139(1) or belatedly U/s. 139(4)

Manilal Dasbhai Makwana Vs ITO (ITAT Ahmedabad) - 

Though capital gain utilized towards purchase of new asset before furnishing of return of income either under section 139(1) or belatedly under section 139(4) would be deemed to be sufficient compliance of section 54B(2), therefore, denial of the deduction under section 54B towards purchase of agricultural land after the due date of filin...

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All about Section 54, 54B, 54D, 54F, 54GA, 54EC, 54G & 54GB

Article Explains all about Section 54, Section 54B, Section 54D, Section 54G/ 54GA in case of shifting to SEZ, Section 54EC, Section 54F and Section 54GB...

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No penalty on disallowance of Deduction U/s. 54B claimed under a bona fide belief

Nitinkumar Desai Vs ACIT (ITAT Ahmedabad) - 

Where assessee after, investing capital gain in purchase of new agricultural land within prescribed time, harbored a bona fide belief that there was not any tax liability of capital gain and substantiated his explanation with relevant evidence, imposition of penalty under section 271(1)(c) was unjustified....

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Posted Under: Income Tax | | ,

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

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

If intention of Parliament was to include HUF prior to the said date then the amendment would have been carried out in respect of section 54B as well along with section 54. Therefore, amended provisions of section 54B were not applicable retrospectively and assessee-HUF was not entitled to exemption for the year under consideration....

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Section 54B Exemption on Capital Gains from Transfer of Agricultural Land

The Articles discusses about Basic conditions, Exemption Under Section 54B of Income Tax Act, 1961 available to Individual and HUF against Capital Gain Arising from Transfer of Agricultural Land by investment of Capital Gain amount in another land or in Capital Gains Deposit Account Scheme....

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Posted Under: Income Tax | ,

Sec 54B exemption cannot be denied for Investment made in Spouse name

Shri Laxmi Narayan Vs Commissioner of Income Tax (Rajasthan High Court) - 

On the ground of investment made by the assessee in the name of his wife, in view of the decision of Delhi High Court in Sunbeam Auto Ltd. and other judgments of different High Courts,the word used is assessee has to invest it is not specified that it is to be in the name of assessee....

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Exemption U/s. 54B for investment / document Registration in spouse name allowable

Mahadev Balai Vs. ITO (Rajasthan High Court) - 

In all these appeals common question of law and facts are involved hence they are decided by this common judgment....

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Exemption U/s. 54B on Sale of agricultural land available even if land is cultivated for a part of year during two immediately preceding years

Majid Khan Nisar Khan Vs ITO (ITAT Pune) - 

Majid Khan Nisar Khan Vs ITO (ITAT Pune) Revenue records clearly show that there was cultivation on the land. In so far as determination of two years period is concerned, the period of two is to be determined from date of sale and not the immediately two preceding financial years. The date of sale of […]...

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