04 September 2008
A closely held private limited company was formed for manufacturing particle board. a piece of land was purhcased for the purpose however due to some reason the plan for manufacturing was dropped. Now the management decides to sell the land since it is fetching good amount. is there any tax planning that can be done so that amount is given back to shareholders and directors with minimum tax borned. The land now is a long term asset.
CAclubindia
