Can Trust sell Fixed Assets ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 October 2010
Hi Guys,
Can a registered trust sell the Fixed assets (Land & Building)?
If So what's the mode of investment of capital gains?
Can it be invested again in Land or else can they be invested in Fixed deposits.
Can a registered trust sell the Fixed assets (Land & Building)?
If So what's the mode of investment of capital gains?
Can it be invested again in Land or else can they be invested in Fixed deposits.
10 October 2010
1. YES.
2. Reinvestment should be in another capital asset as defined in section 2(14).
3. Can invest in land and not in fixed deposits to get exemption from capital gains tax as per section 11 (1A).
2. Reinvestment should be in another capital asset as defined in section 2(14).
3. Can invest in land and not in fixed deposits to get exemption from capital gains tax as per section 11 (1A).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reporting Income under Section 44ADA
- Itr 1 processing
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR validation error - Balance sheet is not filled
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
