Long term capital gain treatment in balance sheet
This query is : Resolved
04 December 2013
i had purchased flat in 2008-9 for rs. 500000 and now in fy 2012-13 i sold for 1000000/-.
occured ltcg 500000.
now my queries are i showed flat in balance sheet with value same 5 laks then what would be the accounting entry in balance sheet
also index cost taken for this. i invest in june2013 10,00000 into another flat. my accounting treatment is correct or what pls solve my question
bank a/c dr 10,00,000
to flat(b/sh asset) 5,00,000
to LTCG(MY CAPITAL A/C)5,00,000
IS IT CORRECT OR WHAT TO DO?
occured ltcg 500000.
now my queries are i showed flat in balance sheet with value same 5 laks then what would be the accounting entry in balance sheet
also index cost taken for this. i invest in june2013 10,00000 into another flat. my accounting treatment is correct or what pls solve my question
bank a/c dr 10,00,000
to flat(b/sh asset) 5,00,000
to LTCG(MY CAPITAL A/C)5,00,000
IS IT CORRECT OR WHAT TO DO?
hshivakumar
(Expert)
04 December 2013
Yes it is correct entry
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