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?
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.
.
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