regarding loss on sale of assets
This query is : Resolved
02 November 2008
Sir
If i purchase a land for Rs 1 lakh and after some time i sold it for Rs 80000 because of decrease in market value the loss which i going to incurred it to be treaded as loss on sale of assets or something else please let me know the correct entry
thanks
If i purchase a land for Rs 1 lakh and after some time i sold it for Rs 80000 because of decrease in market value the loss which i going to incurred it to be treaded as loss on sale of assets or something else please let me know the correct entry
thanks
02 November 2008
First of all make it clear whether the land you possessed is rural land or urban land
In case of Rural land, gain or loss on asset is not considered for Income Tax purposes
However in case of Urban land, it will be considered as a long/short term loss.
In case of Rural land, gain or loss on asset is not considered for Income Tax purposes
However in case of Urban land, it will be considered as a long/short term loss.
03 November 2008
LT or ST depending upon the period of holding of the land.
03 November 2008
For books on sale
cash a/c dr
loss on sale of assets a/c dr
to land
For Tax pls consider views given by reetika & by Mr.Srinivasaraghavan
cash a/c dr
loss on sale of assets a/c dr
to land
For Tax pls consider views given by reetika & by Mr.Srinivasaraghavan
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Value of property in capital gain
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- SFT Cash Deposit in Current Account
- FORM 26A APPLICABILITY
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
