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regarding loss on sale of assets

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(Querist)
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
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Reetika Goel

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Reetika Goel (Expert)
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.
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
03 November 2008 LT or ST depending upon the period of holding of the land.
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CA Bosu babu

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CA Bosu babu (Expert)
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
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