13 June 2011
what is the taxability of long term capital gain on sale of Agricultural land by a public limited company? Under which section? I know that a company can not hold Agri. land,So, sale of it and consequently capital gain taxability question does not arise.......... But, I have come across a Sale deed of Agri. land executed by a public limited company !!!!! What are its consequances???????? Anypenal charges?? Imprisonment penalty for directors??????
CAclubindia
