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.
.
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
- CLOSING STOCK QUERY
- ITR-Capital Gain
- Rent claimed on building given on permissive possession basis
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Traces submitting correction statement error
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- Query regarding Item 61/62/63 vs Item 64 in ITR-3
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Loss of interest in PF transfer from EPFO to Trust
- IT returns for fresh job holders
- 44AD, 44ADA business details
- PF wage ceiling
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
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
