https://www.taxtmi.com/manuals?id=3446 The exemption under section 54B applies where capital gain arises from transfer of agricultural land used for agricultural purposes for at least two years prior to transfer; use by the assessee, the assessee's parents, or an HUF qualifies regardless of ownership, and the exemption applies to gains whether short-term or long-term. The exemption is available only for urban agricultural land, since rural agricultural land is not a capital asset and is outside the scope of capital gains. en-us Fri, 08 Dec 2023 14:21:00 +0530 Fri, 08 Dec 2023 14:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=3446 The exemption under section 54B applies where capital gain arises from transfer of agricultural land used for agricultural purposes for at least two years prior to transfer; use by the assessee, the assessee's parents, or an HUF qualifies regardless of ownership, and the exemption applies to gains whether short-term or long-term. The exemption is available only for urban agricultural land, since rural agricultural land is not a capital asset and is outside the scope of capital gains. Manuals Income Tax Fri, 08 Dec 2023 14:21:00 +0530 https://www.taxtmi.com/manuals?id=3446