A P.ltd company sold a piece of Land for 40 lacs in Mar,3,2016,Land was purchased in 2008 for Rs.15 lacs.
How same needs to be accounted & is any entry to be passed by company regarding its taxability.
A P.ltd company sold a piece of Land for 40 lacs in Mar,3,2016,Land was purchased in 2008 for Rs.15 lacs.
How same needs to be accounted & is any entry to be passed by company regarding its taxability.
Yes, the profit should be transferred to P&L a/c. There is no need to pass any separate entry on its taxability.
Agree with Gopinath
but do not accept cash for property transaction.
What's issue in receipt in cash.
There is no disallowance u/s 40(A)3 for Fixed Asset purchase.
Please mention,is there any other issue here.
SSGS and Associates
Chennai
CA Inter
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CAclubindia
