tally entry

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shubham agrawal (Querist)
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31 August 2016 dear sir, please do suggest me tally entry for cap. gain sir i have sold a land in last f.y. and invested cap gain amt to nhai bond after calculating index value so how to record increase in assest value in tally

Amol S Joglekar

Amol S Joglekar (Expert)
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01 September 2016 assset is sold. ..isnt it?
book the profit on sale of asset in tally

shubham agrawal

shubham agrawal (Querist)
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01 September 2016 yes asset is sold

Amol S Joglekar

Amol S Joglekar (Expert)
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01 September 2016 so, book the profit on sale of asset.

shubham agrawal

shubham agrawal (Querist)
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01 September 2016 but sir who i will show increase in value of land which i have calculated through indexation

Amol S Joglekar

Amol S Joglekar (Expert)
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01 September 2016 no need to account for the same in tally. It is required only for income tax computation purposes...not for ACCOUNTS

shubham agrawal

shubham agrawal (Querist)
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01 September 2016 sir i have to maintain a/c because in my case tax every year audit is applicanle

Amol S Joglekar

Amol S Joglekar (Expert)
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01 September 2016 that is what i am trying to tell you......
so far as accountancy is concerned....book the profit on sale of asset.
while filing income tax return.....calculate the capital gain as per indexation.....
No need to show indexation in accounts....ok?

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