Capital gain on property sale

Tax queries 398 views 1 replies

i am working in propertiership firm, we purchased a land in 2008-09 in the name of propritor but in book as fixed assets

now we have sold the same in 2011-12,sold amt deposited in propertor a\c, in the same time we have purchased a new perperty in the of propertor ,

pls help is made capital gain tax

Replies (1)

No capital gains as you have purchased new asset as prescribed within one year


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