urgent --sale of agriculture land
This query is : Resolved
23 June 2011
hello
my uncle want to sold an agriculture land situated in rural area which he had purchased 19 year back in rs. 1,00,000. now sale price is rs. 20,00,000. this land is not recorded in books of accounts because its not used for business purpose.
As per income tax this land is not capital asset so there is no income tax payable. but my query is that can my uncle show the profit of rs 1900000 as white money in books of accounts.
reply plz
my uncle want to sold an agriculture land situated in rural area which he had purchased 19 year back in rs. 1,00,000. now sale price is rs. 20,00,000. this land is not recorded in books of accounts because its not used for business purpose.
As per income tax this land is not capital asset so there is no income tax payable. but my query is that can my uncle show the profit of rs 1900000 as white money in books of accounts.
reply plz
AMAN Gupta
(Expert)
24 June 2011
yes. he can introsuce this amount as capital introduced in his books of account
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AMAN Gupta
(Expert)
24 June 2011
yes. he can introduce this amount as capital contribution in his capital account
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