Exemption from capital gains tax

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24 Points Posted on 20 March 2012

The union budget 2012 provide for "Exemption from Capital Gains tax on sale of residential property, if sale consideration

 

is used for subscripttion in equity of a manufacturing SME for purchase of new plant and
machinery"
 
Please let us know if the same would be applicable in investment by individual investor into a private limited company (SME).
 
Sriram
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On 20 March 2012 at 12:07 Report
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CA
770 Points Posted on 21 March 2012

Yes.......any person defined in Income Tax Act, can claim exepmtion under this provision , provided that investment in manufacturing SME is used in purchase of new plant and machinery.

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On 21 March 2012 at 11:24

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