Assessees Seema Bhattacharya and\u00a0 Jharna Bhattacharya \u00a0were wives of kartas Shankar Bhattacharya\u00a0 and\u00a0 Bhaskar Bhattacharya\u00a0 \u00a0who were brothers. Assessees sold their agricultural land and purchased an immovable property from sale consideration. Assessee Shankar Bhattacharya\u00a0 \u00a0claimed exemption under section 54B for investment of sale proceeds in agricultural land. Assessing Officer denied said claim on ground that capital asset sold was a residential plot and not agricultural land. Held that\u00a0 there was nothing on record to suggest that either land was converted into residential purposes or even construction of residential house for claiming exemption under section 54F. Since plots of land sold which formed share of Jharna Bhattachrya\u00a0 were property held by karta, Bhaskar Bhattachrya \u00a0capital gains could only be assessed in his hands and question of exemption under section 54B\/54F to assessee, JB is not eligible.\u00a0 (AY. 2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54B : Capital gains-Land used for agricultural purposes-Plots of land sold which formed share of assessee were property held by assessee\u2019s husband (Karta), capital gains could only be assessed in his hands-Exemption under section 54B\/54F to assessee is not eligible. [S. 45, 54F] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-34268","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8UI","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=34268"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34268\/revisions"}],"predecessor-version":[{"id":34269,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34268\/revisions\/34269"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=34268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=34268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}