Sale of charged property and capital gain

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Meera P S (Querist)
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07 December 2014 sir,
A company, XYZ, has 100 acres of land in its own name. In 2009 it had availed a loan against this property.When there is warrant against this property, owner of the company pledged this property to another one,A, and settled bank's claim in 2011 April. But this is known only to the owner of the company.But accounts does not shown this adjustment, i.e. bank loan is existing in the balance sheet.The owner is compelled to sell 10 acres on behalf of "A" in May 2012.But entire amount is handed over to "A", company has not availed any money, under the agreement between owner and A.Another 10 acres of this property is transferred to one of their employees under a compromise. These transactions are not recorded in accounts.the company prepared Balance Sheet only upto 31/03/2011.
1. In which year these transactions are recorded?
2.What was the capital gain of the company?
3. how much amount are paid to Income TAx?

shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)
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08 December 2014 1. The company Accounts: prepare upto 31.3.2012 and see that the Bankers liability is NIL as the loan is cleared in 2011-12.
2.The sources of funds: Advance taken for sale of land from Mr.A. Pass necessary resolutions for sale of assets by Company.
3. File CHG-4 with delayed fee and you may have get approval from Central Government as per Companies Act 2013 as it is beyond 300 days.
4.You may use CLSS for reducing the fee for updating all years annual returns before 31.12.2014.
5.Regarding Capital Gains, if the land is not given for possession on taking of just advance from A, capital gain does not arise in the year 2011-12. As land is registered in May 2012, The year 2012-13 ( Prev) may be taken for Capital Gains calculation.
6. For determining the amount of tax, cost of acquisition and date of acq. are also required along with the details of usage of land etc.,

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