Can anyone guide what will be the income tax inplication on partnership firm if firm sold industrial property registered in name of firms name and how can and where ltcg can be invested to save ltcg tax on such property
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How to save LTCG tax on Sale of Industrial property by Partnership firm
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Quick Summary
Sale of industrial undertaking can be made easily.
But capital gain arising from such sale is a long term capital gain or a short term capital gain depending upon the tenure of holding of the Capital Asset as per the definition of Capital Asset as defined in Income Tax Act
But capital gain arising from such sale is a long term capital gain or a short term capital gain depending upon the tenure of holding of the Capital Asset as per the definition of Capital Asset as defined in Income Tax Act
Invest in RELC Bonds or NHAI bonds within 6 months from the date of rising of capital gain the whole amount. You can also deposit in capital gains deposit account. But it should stay there for 3 years.
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