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Fixed assets.

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(Querist)
27 March 2012 Respected Sir,

My query is that,

I am having land and building showing book value on 01.04.2011 of Rs. 1,00,00000/- but i sold the land & building to the seller for Rs. 1,35,00000/- so the income amount of Rs.35,00,000/- is taxable income ?.

& what book entry will come in land & building ledger.

its urgent.

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CA VENKATA RAMANA

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CA VENKATA RAMANA (Expert)
27 March 2012 35,00,000 is a taxable capital gain.
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