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Tally entry

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(Querist)
15 September 2016 A car the w.d.v. of which was 105000 was exchanged at a value of Rs. 170000, for purchasing a new car of Rs. 650000, 480000 was paid through bank, what will be journal entry in tally??
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CA SAGAR M. AHUJA

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CA SAGAR M. AHUJA (Expert)
15 September 2016 New Car A/c Dr.650000
To Old Car A/c 105000
To Bank A/c 480000
To Profit on sale of old car A/c 65000
Thanks.
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Shekhar Agarwal

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Shekhar Agarwal (Querist)
15 September 2016 Will the profit be short term capital gain??
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CA SAGAR M. AHUJA

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CA SAGAR M. AHUJA (Expert)
15 September 2016 Yes it is short term gain but as income tax working on block system you can also make no gain by continue the current car block by adding new car
For Ex. Your Block value 105000+Purchase 650000-Sale 170000=585000 You can also carry on the block by this amount and not show the gain loss for this year (This is only for IT purpose for book purpose you have to pass the above entry)
Thanks
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