Sec 54B - Exemption From Capital Gain on Transfer of Land used for Agricultural Purposes

On transfer of land capital gain arises and the seller has to pay capital gain tax on the capital gain so arises under section 45 of the Income Tax Act, 1961. But if the land transferred was used for the purpose of agriculture, then the seller can claim exemption under section 54B of the Income Tax Act, 1961. Let us discuss in detail about section 54B.

source https://www.caclubindia.com/articles/section-54b-exemption-capital-gain-transfer-land-agricultural-purposes-44148.asp