Section 56 of income tax act
This query is : Resolved
01 May 2018
plzz suggest
what will be entry If one person receive immovable property let say building from another person having stamp duty value 15,00,000 and consideration paid 9,00,000 Rs,. and impact on tax and how it is shown in our B/S & P&L???
what will be entry If one person receive immovable property let say building from another person having stamp duty value 15,00,000 and consideration paid 9,00,000 Rs,. and impact on tax and how it is shown in our B/S & P&L???
01 May 2018
Rs. 6,00,000 is income u/s 56(2)(x)(b)(B) in assessment year 2017-18 onwards.
01 May 2018
thanxx sir
how the entry i passed in my accounting book FOR TAX AND 6.00.000 Rs.
ryt now just one entry passed-- building a/c DR 900000
TO BANK A/C 900000
how the entry i passed in my accounting book FOR TAX AND 6.00.000 Rs.
ryt now just one entry passed-- building a/c DR 900000
TO BANK A/C 900000
01 May 2018
Entry is not mandatory since a notional adjustment. If so particular,
+ debit asset a/c and credit Capital a/c for Rs. 6,00,000/-
+ debit drawings a/c and credit bank a/c for the tax amount.
+ debit asset a/c and credit Capital a/c for Rs. 6,00,000/-
+ debit drawings a/c and credit bank a/c for the tax amount.
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
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Capital gain from sale of house property
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Multiple trade mark
- FORM 26A APPLICABILITY
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- Copyright software
- Before GSTAT- APL-02 Vs APL-04
- Opting our of sec 44AD
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
