Capital gain

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Poonam Lohiya (Querist)
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20 March 2014 sir
i have a plot of rs 500000/-registrar valued it as rs. 600000/- at time of sale and it was sale for rs. 1000000/-,,so what will be accounting procedure for difference of rs. 600000/- and 500000/-...means what value should be taken in accounts

Akash Barman

Akash Barman (Expert)
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20 March 2014 The Plot being sold for RS 10,00,000 is the FVC .FVC is the higher of valuation of price of a)As per registrar,b)As per the actual sale.
Apparently , If the cost of your plot is RS 5,00,000.Your accounting treatment would be.
Bank A/c Dr 10,00,000
To Land A/c 5,00,000
To Long term Cap gain A/c5,00,000

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