longterm capital gain tax on sale of land
This query is : Resolved
16 July 2010
our's is a partnership firm.In 1994 we had
purchased a piece of land in firm's name to run the business.The land holds the non agricultural status.At present the business is in windingup position and we intend to sell the land.The profit in selling the land will be a hefty amount.I want to know that is there any scheme to save the long term capital gain tax? Please advice.
Thanks.
purchased a piece of land in firm's name to run the business.The land holds the non agricultural status.At present the business is in windingup position and we intend to sell the land.The profit in selling the land will be a hefty amount.I want to know that is there any scheme to save the long term capital gain tax? Please advice.
Thanks.
16 July 2010
as you are closing down the business , we cannot avail any exemption
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