gain on sale of land
This query is : Resolved
11 September 2008
sir,
book value of land is Rs.500000/-
that was sold for Rs.750000/-,
with in one year purchased another land for Rs.1500000/-
how do i shown in books of accounts as well as income tax.
kindly suggest me.
regards
book value of land is Rs.500000/-
that was sold for Rs.750000/-,
with in one year purchased another land for Rs.1500000/-
how do i shown in books of accounts as well as income tax.
kindly suggest me.
regards
13 September 2008
It is presumed that the land is an agricultural land and also the same is not a notified land. In such a case the gain of Rs 250000 may be booked seperately which will ultimately be transferred to the Capital Account. Further, the purchase of new land may be booked as a new asset in the Balance Sheet. However, the gain being exempt from Income Tax is not required to be shown under the head of Capital Gain.
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