Please resove

Atul M (aaa) (726 Points)

28 September 2022  
Dear Expert,

I have a query in the case of the sale of Agriculture land which was purchased by the Private Limited Company for INR 9 lacs in the year 2007 and sold for INR 21 Lacs in March 2022. The Company is in the business of Agriculture. They have already given an advance for the purchase of new agricultural land for agricultural business.

Is Capital Gain Tax applicable for this Company?

Furthermore, Before selling the land they converted the agricultural land to industrial land for agriculture purposes.

Thanks in Advance