Fixed assets.
This query is : Resolved
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.
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.
CA VENKATA RAMANA
(Expert)
27 March 2012
35,00,000 is a taxable capital gain.
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