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.
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