Sell of Property of Husband & FD
This query is : Resolved
31 May 2011
My friend's father have property in his name received from his father and also FD's amounting Rs. 1 Lacs. Now after his death as a nominee FD transfered to her mothers account. & also she sold property at Rs. 10 Lacs. Now how her income should calculate on property sold & FD transfered. Her mother is also senior citizen. The property sold is also 70-80 years old.
31 May 2011
for fd trasfered she has no tax to be paid,
but for interest from the date of transfer would be taxable
for property you have to get fair market value as on 1981 and then calculate capital gain.
but for interest from the date of transfer would be taxable
for property you have to get fair market value as on 1981 and then calculate capital gain.
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31 May 2011
What journal entry should pass for husband FD transfered to Wife account & Sale of Land amount transfered to her bank account by party.
31 May 2011
these are capital receipts,
for FD
Bank FD a/c dr
to inheritence fund
for property
Cash / Bank a/c dr
To Inheritence property
for FD
Bank FD a/c dr
to inheritence fund
for property
Cash / Bank a/c dr
To Inheritence property
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31 May 2011
In which group of Income & Expenditure or Balance Sheet "INHERITENCE PROPERTY" & "INHERITENCE FUND" shown.
31 May 2011
In which group of Income & Expenditure or Balance Sheet "INHERITENCE PROPERTY" & "INHERITENCE FUND" shown.
01 June 2011
inheritence fund and inheritence property is captal receipt and it will get added to capital account
viz
capital a/c
old balance .............
add profit for the year ....
add inheritence fund/property
----------------------------
Total
Less : drawings
-----------------------------
viz
capital a/c
old balance .............
add profit for the year ....
add inheritence fund/property
----------------------------
Total
Less : drawings
-----------------------------
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