Accounts & taxation
Querist : Anonymous
1) Is it needed to make valuation of the said land ?
2 ) If answer of 1 is yes, then what method should apply to make proper valuation of said land and it should be acceptable to I.T Authority??
3) and it is needed to pay capital gain tax when we are transferring the land to our farm as share of capital ??
2).Amount Recorded in the books of Account
Less:actual cost in Year of transfer from Father X indexed in the cost.
3).yes
Querist : Anonymous
Thank you sir for replaying the questions
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