08 April 2015
We have Pvt. ltd. Company and Land purchased in this company before 1981. Some part of land has been cut by govt for their Infrastructure development. We have received compensation amount for this from Govt.
We have to pay capital Gain Tax?
Can we save long term capital gain through purchase of new assets?
08 April 2015
1. As per section 45(5) of the Income Tax Act, 1961, consideration received against Compulsory acquisition by the Central Government shall also attract Capital Gain.
2. You can get the capital gain exemption by way of purchasing new asset
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