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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- TDS on property - Form 141 query
- F & O PROFIT REPORTING FOR AY 2026-27
- ITR-3 File/Error Found
- ASMT-10 received from A O
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- TDS _Long term Capital Gain ref.sec 214 Table 2
- IT returns for fresh job holders
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
