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Capital gains

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 October 2014 We are planning to sell our company as detailed below: Land value Rs.10 crores Plant and machinery Rs.200 crores. The proceeds is to be used for paying bank loan commitment. WDV of plant and machinery is Rs.60 crores. cost of land is Rs.2 crores. Whether sale will attract capital gains. If yes, is there any way to come out of it, by sales of shares, etc.,
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Basant Jajoo

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Basant Jajoo (Expert)
04 October 2014 Selling the shares of the company through recognized stock exchange and chargeable to STT will render long term capital gains for the aforesaid transfer as exempt u/s 10(38). A recent judgment is also available on this matter. Also consider provisions of slump sale.
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