A private Ltd comapny purchased 4880 sq yards of land worth Rs 60 lacs in 1992. It sold 1870 sq yrds worth Rs 30 lacs in january 2016.It is not involved in any kind of business and more or less non working company just having this land asset. is any kind of capital gain, advance tax or income tax applicable for the FY 15-16 for that matter any kind of tax. Kindly give an expert opinion please ASAP.
Wether any kind of income tax applicable or not the company
Ankit Bansal (proprietor) (33 Points)
31 March 2017
CAclubindia
