long term capital gain

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seema wadhwa (Querist)
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15 June 2011 firm has going to wind up his business and it sold all his assets. firm has shown Rs 16275202 as profit on sale of fixed Asset (land) in his accounts like W.D.V Rs. 1106298 and Sale Rs. 17381500 but actual gain show as Rs 10078282 due to indexed cost like Sale Rs. 17381500 and indexed cost Rs. 7216310 and 86908 (expenditure on transfer). please help me whether this treatment is wrong or right

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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15 June 2011 The position in the books of A/c as regards "Profit on Sale of Land " may not match with the LTCG on Land as per Income Tax due to method of computation of LTCG.

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