19 August 2017
I and my brother are partners in a firm.We want to sell the land in MIDC PUNE.We wish to know the rate of capital gains tax and whether we can buy another house or commercial space and also invest 50 lakhs each in Infra Bonds to take advantage of tax exemptions under the Capital Gains. Sine we are both senior citizens and aged 68 and 70 yrs respectively,and are retiring from the business,do we have any exemptions under the IT act. Help in this matter will be highly appreciated as this will be the only saving we will have. Thanks Ashok Kumar
19 August 2017
Sir, taxability depends on the holding period of the asset. Is it only the land that you are selling? Is the property in the name of the firm or jointly in both of your names?
20 August 2017
Thanks for your reply.The query is answered below.The property was purchased in 1983 and being sold in 2017. The property is in the name of the firm and we two brothers are partners.The land is the major asset as the new buyer will expand/modify the existing building.We are not selling the firm rather selling the plot which belongs to MIDC PUNE. I hope that I have clarified your question. Please reply.Thanks Ashok Kumar.
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