Purchase of land
This query is : Resolved
13 December 2013
Sir,
Our company purchased a land value of land as per sale deed Rs.3,00,000 value paid more than the deed value Rs.3,00,000 No document for the excess payment.
1) how should we account the excess paid amount
2)Any service tax , Incometax implications?
Please clarify if the excess is accounted as goodwill payment.
Our company purchased a land value of land as per sale deed Rs.3,00,000 value paid more than the deed value Rs.3,00,000 No document for the excess payment.
1) how should we account the excess paid amount
2)Any service tax , Incometax implications?
Please clarify if the excess is accounted as goodwill payment.
14 December 2013
the excess paid is in cash and wont be accounted for!!!
no it can not be accounted as goodwill.
no it can not be accounted as goodwill.
14 December 2013
Dear Nikhil,
Thanks for your reply, The excess also paid as DD and has to be accounted in books. how to account the excess paid. Sir please reply back.
Reg,
G.Kannan
Thanks for your reply, The excess also paid as DD and has to be accounted in books. how to account the excess paid. Sir please reply back.
Reg,
G.Kannan
14 December 2013
Kannan Sahab,
let me get it correctly. you did documentation for Rs 3 lakhs and paid additional amount beyond three lakhs through DD!!
If yes, then show it as rent etc (predate the possession and show that rent was paid before the sale deed was made. showing as goodwill won't hold good. Else, you may get hit by under-reporting of sale consideration for stamp duty valuation.
let me get it correctly. you did documentation for Rs 3 lakhs and paid additional amount beyond three lakhs through DD!!
If yes, then show it as rent etc (predate the possession and show that rent was paid before the sale deed was made. showing as goodwill won't hold good. Else, you may get hit by under-reporting of sale consideration for stamp duty valuation.
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