hi friends kindly help me out with my query for sale of open land which is five years old belonging to regd firm . no construction activity has been done , there were tenents which were compensated and rehabilited and also what are tax implication arises from it and how can we save tax if there is any way to save. should we straight away pay tax on profit .can we give compensation on any loans recd for the particular land . plz help.
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Tax on sale of asset sold by regd firm
Replies (2)
First, its capital asset for the firm and capital gain will arise from this transcation.
pls give more details about the nature of the land.
Thnx for your reply, its open land purchased in 2005. u mean to say we have to pay long term capital gain straight away 20% on profit. we are having unsecured loans as well as flat advances on this particular land . can we compensate them .
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