Capital gains
This query is : Resolved
23 January 2009
One of my friend is looking part time Accounts for a trust. He wanted to calrify the following doubt.
It is a Charitable Trust & registered on 1994. They purchased a land for Rs.100000/-. in the name of trust in same year and they have not maintained any accounts for this.Now they sold the same plot for Rs.2000000/- , from this amount they spent 1000000/- for purchasing a new plot.
Now my friend's question is how it should be accounted, since it has not maintained several years.
Duing these 14 years no activities has been taken place.
Please advice.
One of my friend is looking part time Accounts for a trust. He wanted to calrify the following doubt.
It is a Charitable Trust & registered on 1994. They purchased a land for Rs.100000/-. in the name of trust in same year and they have not maintained any accounts for this.Now they sold the same plot for Rs.2000000/- , from this amount they spent 1000000/- for purchasing a new plot.
Now my friend's question is how it should be accounted, since it has not maintained several years.
Duing these 14 years no activities has been taken place.
Please advice.
23 January 2009
trust would be liable to pay longterm capital gain tax & amount spent for the purchase of new plot would be allowed as deduction.
long term capital gain tax should be paid accordingly.
it does not make any sense whether trust has carry out any activity or not.
long term capital gain tax should be paid accordingly.
it does not make any sense whether trust has carry out any activity or not.
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