Simultaneous deduction u/s 54F and 54B from capital gain arising on sale of eligible agricultural land – whether permissible?

Simultaneous deduction u/s 54F and 54B


Assessee is entitled to exemption under both sections 54B and 54F as they are not mutually exclusive and independent of each other.

There is no condition in section 54B to effect that if an assessee claims exemption under section 54B, he is not eligible to claim exemption under section 54F and similarly, there is no restriction imposed under section 54F that capital gain derived from sale of agricultural land is not eligible for exemption under section 54F.

References: Koganti Venkata Ramaiah vs. ACIT [2015] 56 88 (Visakhapatnam), ACIT vs. Satyanarayana (ITA No. 1192/Hyd/2013, etc.)