Fixed assets sale - long term capital gains
This query is : Resolved
ANITA KUMARI
(Querist)
04 March 2022
There is long term capital gain on sale of land and building in private limited company. How to post journal entry for indexation? If I won't consider indexation in accounting, then tax under MAT provisions applies which is very high. So how to proceed?
Kindly reply this is little urgent. Thanks
Kindly reply this is little urgent. Thanks
CA R SEETHARAMAN
(Expert)
04 March 2022
Journal entry for indexation can't be posted in the books of accounts. Tax payable as per MAT provisions.
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