Long term capital gain exemption
This query is : Resolved
K.KESHAVULU
(Querist)
12 January 2012
Hi friends,
My client is a limited oil mill company. The object of the company is manufacturing and sale of oils. The company has an agricultural land (long term asset) and the same has been converted into sites and sold. Whether the company can pay 20% tax on long term capital gain. Further whether the company is also eligible to invest in LTCG bonds (REC / NHAI).
My client is a limited oil mill company. The object of the company is manufacturing and sale of oils. The company has an agricultural land (long term asset) and the same has been converted into sites and sold. Whether the company can pay 20% tax on long term capital gain. Further whether the company is also eligible to invest in LTCG bonds (REC / NHAI).
vipul Shah
(Expert)
12 January 2012
For LTCG company will have to pay 20% tax.
To save capital gain tax company will have to purchase.
On sale of sites there will be business gain.
To save capital gain tax company will have to purchase.
On sale of sites there will be business gain.
K.KESHAVULU
(Querist)
12 January 2012
dear mr. vipul shah
thank you for your reply
kindly clarify further whther profit on sale of sites can be consider as business profit
or LTCG
dear mr. vipul shah
thank you for your reply
kindly clarify further whther profit on sale of sites can be consider as business profit
or LTCG
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