56(2)(vii)(b)
This query is : Resolved
23 June 2018
Is there any accounting treatment of Deemed income offer for taxation u/s 56(2)(vii)(b) and on what amount it will be recorded in books of account either purchase cost or stamp duty value?
And wht will be cost of acquisition in case of subsequent sale of that asset i think stamp value if offered for taxation u/s 56(2)(vii)(b).
And wht will be cost of acquisition in case of subsequent sale of that asset i think stamp value if offered for taxation u/s 56(2)(vii)(b).
24 June 2018
Accounting to be done at purchase cost.
Cost of acquisition will be stamp value if offered for taxation u/s 56(2)(vii)(b).
Cost of acquisition will be stamp value if offered for taxation u/s 56(2)(vii)(b).
24 June 2018
Seems section 49 (4) is silent about cost of acquisition.
25 June 2018
It's ok that accounting to be done at purchase cost and cost of acquisition will be stamp duty value at the time of sale but what treatment will we do in books for excess money received on sale of that property i.e stamp duty value(-) purchase cost which is not in books?
25 June 2018
And thanks Sir for giving your precious time to us for resolving our queries(:
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Invertaded duty struture
- CREDIT NOTES WITHOUT GST
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
