Facts of the case: Assessee is a farmer and holds agricultural land for past 10 years. He entered into a sale agreement with buyer and at the request of the buyer, he converted the said land and sold it the very next day post conversion. Land was converted as buyer could not buy agricultural land. Assessee reinvested proceeds in another agr land and claimed exemption u/s 54B ITO not allowing 54B as on day of sale, land is not agri land. Seek your view with citations, especially Karnataka High Court Thanks in Advance

Since you converted the land, the seller can only invest in residential property to claim section 54 deduction.

 It is better if you approach an experienced CA and sought out the matter.