Need information on ltcg

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 August 2013 Dear Sir,
I am Arpan Goenka director of ( ABC Jewellers Pvt Ltd ) name changed because of privacy purpose.
I have purchased 1350 gms gold 24 carat as a investment purpose from gold bullion in Sep 2010 at
Rs. 25,73,000/- . I have also showed in my books as investment. Now I want to sell as I think gold price is too much.
And If I sell today after 3 years, which is suppose to be long term again at Rs. 42,00,000 approx., Do I need to pay
tax ? And if yes then why ?
My CA told me few things :-
(1) I have to pay MAT which is approx 17,00,000 * 18 % = 3,00,000 approx to govt.
(2) After that also profit money I can't share amont directors. I have to pay DDT.
(3) So he is planning to transfer my company to LLP . Is it Ok. Does in long term gain we dont have to pay AMT in LLP ?
Please advice.
Thank you
Arpan Goenka

Deepanshu Agg.

Deepanshu Agg. (Expert)
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29 August 2013 1)Minimum MAT is definately to be paid off.
2)Keeping aside AMT there are other benefits in converting to LLP , Its a good tax planning and obviously AMT is applicable but its provisions are far differ from MAT, so it might be beneficial for you to be converted into LLP( better known to the person dealing with your financials).

Querist : Anonymous

Querist : Anonymous (Querist)

29 August 2013 (1)I have not sold my investment till today then why should I pay MAT . And I will sell after I converted into LLP.
(2) Please let me know only one thing. LTCG is taxable or AMT applicable for LLP or not ?

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