https://www.taxtmi.com/highlights?id=70767 Exemption u/s 54B - LTCG was invested in the purchase of another agricultural land in the name of his wife - The term “assessee” is qualified by the expression “purchased any other land for being used for agricultural purposes”, which necessarily means that the new asset has to be in the name of the assessee himself; that therefore, purchase of agricultural land by the assessee in the name of his son or grandson etc. does not qualify for exemption u/s 54B. - AT en-us Thu, 06 Jul 2023 08:16:43 +0530 Thu, 06 Jul 2023 13:05:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=70767 Exemption u/s 54B - LTCG was invested in the purchase of another agricultural land in the name of his wife - The term “assessee” is qualified by the expression “purchased any other land for being used for agricultural purposes”, which necessarily means that the new asset has to be in the name of the assessee himself; that therefore, purchase of agricultural land by the assessee in the name of his son or grandson etc. does not qualify for exemption u/s 54B. - AT Highlights Income Tax Thu, 06 Jul 2023 08:16:43 +0530 https://www.taxtmi.com/highlights?id=70767