Capital gain
This query is : Resolved
03 August 2013
Residential house purchase for rs.140000 in year 08-09, it sold in year 12-13 for rs.181000.
AS per income tax it is show Capital loss of Rs 24095.
So what should be the accounting entry for above transaction.
Whether in accounts indexed cost should be considered or original cost?
AS per income tax it is show Capital loss of Rs 24095.
So what should be the accounting entry for above transaction.
Whether in accounts indexed cost should be considered or original cost?
CA PARAS BAFNA
(Expert)
03 August 2013
Residential House A/c Dr.
To Profit on Sale of House 41000/-.
.
Humour:
If accounts are "original" (and IFRS not adopted) , then only original cost has to be considered.
.
Residential House A/c Dr.
To Profit on Sale of House 41000/-.
.
Humour:
If accounts are "original" (and IFRS not adopted) , then only original cost has to be considered.
.
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
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
