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
Nirav Vora
(Expert)
12 September 2008
PASS NORMAL ACCOUNTING ENTRIES IN BOOKS OF ACCOUNT FOR PROFIT AS WELL AS SALE OF ASSETS.
FOR THE INCOME TAX PURPOSE THE GAIN ON SALE OF LAND CAN SET OFF AGAINST PURCHASE ON ANOTHER LAND WITHIN THREE YEARS UNDER SECTION 54 OF I.T. ACT.
FOR THE INCOME TAX PURPOSE THE GAIN ON SALE OF LAND CAN SET OFF AGAINST PURCHASE ON ANOTHER LAND WITHIN THREE YEARS UNDER SECTION 54 OF I.T. ACT.
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