Sell of Property of Husband & FD

This query is : Resolved

Santosh Kumar Agarwal (Querist)
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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.

U S Sharma

U S Sharma (Expert)
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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.

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Santosh Kumar Agarwal

Santosh Kumar Agarwal (Querist)
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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.

U S Sharma

U S Sharma (Expert)
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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

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Santosh Kumar Agarwal

Santosh Kumar Agarwal (Querist)
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31 May 2011 In which group of Income & Expenditure or Balance Sheet "INHERITENCE PROPERTY" & "INHERITENCE FUND" shown.

Santosh Kumar Agarwal

Santosh Kumar Agarwal (Querist)
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31 May 2011 In which group of Income & Expenditure or Balance Sheet "INHERITENCE PROPERTY" & "INHERITENCE FUND" shown.

U S Sharma

U S Sharma (Expert)
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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
-----------------------------

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