ABC is a partnership firm owned a factory land and building. Now it wants to sell the above factory and wants to purchase a new factory at any other place. Queries are
1. Will it attract capital gain ???
2. If yes then how this capital gain can be saved ???
3. Is there any exemption U/s 54 for the aforesaid capital gain on sale of factory building ???
Menu
CAPITAL GAIN ON SALE OF FACTORY BUILDING
Replies (2)
1.Yes , Capital Gain will be attracted
2. Yes, under sec 54EC by investing in bond issued but max limit is 50lacs
3.No, Firstly Sec 54 deduction is available for individual /Huf
secondly it is provided on sale of residential House property and purchase residential House
soo you are not eligible to take deduction under sec 54
2. Yes, under sec 54EC by investing in bond issued but max limit is 50lacs
3.No, Firstly Sec 54 deduction is available for individual /Huf
secondly it is provided on sale of residential House property and purchase residential House
soo you are not eligible to take deduction under sec 54
I agree with ANNU GOYAL as mentioned above 👍
Recent Threads
- AGM WITH SHORTER NOTICE
- 15CA/15CB Bulk Filing Automation Tool – Need
- GSTR 9 FY 2023-24 LATE FEE
- Should we go under Section 59 of IBC or Section 27
- HUF'S ISSUE
- Gst interest and penalty doubts
- TDS RATE ON RENT FOR NRI
- NBFC costing
- Taxablity of GSLI under Income Tax
- Final new course clarification
Related Threads
CAclubindia
