Entry of Property (Flat)
Querist : Anonymous
in my balance sheet Rs.225000/- was as asset of flat... now flat sold out for rs. 1400000/- means rs.1175000/- made profit. from which i have invested in rural capital gain bonds to take exemption from capital gain tax...& rs. 450000/- to my daughter as loan....
so what will be the effect of acccounts (how to show this transation in balance sheet) and what about tax.
Further accounting entry relating investments and loan to daughter in law also may shown in asset side appropriately,by crediting bank account.
According to indexed cost of aqui. and capital gain amts, sufficient investment in cap gain bonds should be made, to avoid any tax liability.
THE PERSON IS NOT PROVIDING DETAILS OF DATE OF ACQUISTION OF PLOT, WITHOUT IT, HOW CAN WE ARRIVED INDEXED COST OF ACQ IS 7.81 LACS.
Querist : Anonymous
I want to know how do i entered amount on which head in balance sheet... pls help me to understand this matter. bcs my balance sheet do not tallied.
second transaction of investment and third transaction of loan will increase asset side and reduce balance in bank account(aaset side) by corresponding amount. so again no mismatch.
hope the above clarifies.
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