Loss on sale of Land
This query is : Resolved
21 May 2021
Land is purchased for Rs. 1L in in 2008 and sold in 2020 for 2L.
What are the entries will be entered in Tally for indexing of Land value
What are the entries will be entered in Tally for indexing of Land value
21 May 2021
Indexing value is for income tax purpose only.
In tally pass entry like this
Land buyer dr 2 lacs
To land account 1 lac credit
To capital gains on sale of land 1lac credit.
In tally pass entry like this
Land buyer dr 2 lacs
To land account 1 lac credit
To capital gains on sale of land 1lac credit.
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