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
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Replies (5)
Quick Summary
Yes, capital gain will be applicable..
Thanks, Sir. Is the Company eligible for index benefits for long-term capital gain?
Yes, that can be claimed, though ITO may not agree to it...
Dear Sir,
Can the Company get the deduction during the file of 29B form under the category of notional gain from Capital Assets which has credit in the PNL?
Thanks in Advance Sir Ji.
Can the Company get the deduction during the file of 29B form under the category of notional gain from Capital Assets which has credit in the PNL?
Thanks in Advance Sir Ji.
Yes, that can be claimed..
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