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Capital gain

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(Querist)
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
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Akash Barman

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Akash Barman (Expert)
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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