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gain on sale of land

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(Querist)
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
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
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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