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.
Menu
Accounting of sale of land
Replies (5)
profit of 25 lacs transfer to profit and loss account
Yes, the profit should be transferred to P&L a/c. There is no need to pass any separate entry on its taxability.
Yes , the entry for sale of land ..
cash a/c. Dr 40Lacks
to land a/c Cr 15lacks
to p&l a/c. Cr 25lacks
cash a/c. Dr 40Lacks
to land a/c Cr 15lacks
to p&l a/c. Cr 25lacks
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.
Recent Topic
- Clubbing of deceased's income
- Как быст
- Which ITR to use
- Sovereign gold bond capital gain
- In TDS section no column for relationship in itr
- Query related to agricultural income of Trust
- Full & Final Settlement — what changed u
- Capital gains or losses when new equity was issued
- Looking for a FMCG foods business to acquire
- Sale of mutual fund in zerodha and AIS
Related Topics
CAclubindia
