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.
Jyothis (Article) (1127 Points)
13 April 2016A 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.
CA Narender Lamba
(ACA)
(109 Points)
Replied 13 April 2016
Ruchi
(CA)
(1410 Points)
Replied 14 April 2016
Yes, the profit should be transferred to P&L a/c. There is no need to pass any separate entry on its taxability.
Gopinath
(student )
(28 Points)
Replied 14 April 2016
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 28 April 2016
Agree with Gopinath
but do not accept cash for property transaction.
Jyothis
(Article)
(1127 Points)
Replied 28 April 2016
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.
CAclubindia
