My client is a limited oil mill company. The object of the company is manufacturing and sale of oils. The company has an agricultural land (long term asset) and the same has been converted into sites and sold. Whether the company can pay 20% tax on long term capital gain. Further whether the company is also eligible to invest in LTCG bonds (REC / NHAI).
12 January 2012
For LTCG company will have to pay 20% tax. To save capital gain tax company will have to purchase. On sale of sites there will be business gain.
CAclubindia
