Income tax query
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 February 2018
What will be the treatment of advance money forfeited on sale of rural agriculture land where such land is not a capital asset and no capital gain tax is payable on its sale. Further, the amount forfeited is also more than indexed cost of acquisition of such land.
01 March 2018
As the amount is not taxable it shall directly be transferred to Capital A/c, accordingly the entry shall be;
Capital A/c Dr.
To, Advance for sale of Land
Capital A/c Dr.
To, Advance for sale of Land
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