A Private Limited Company is in the existence since last 30 Years. It has sale all assets 10 years back, except Land. It was in the business of manufacturing of Ingot ( Melting of steel ).
Now it is selling Land on which it will be getting Long Term Capital Gain.
Can this sale consideration be invested in another Land and do a business of manufacturing of same other business and get exemption on Long Term Capital Gain on sale of land U/S 54G.
CAclubindia
