Dear All,
What is the accounting treatment for sale of agricultural land, for a private limited company and tax implication...?
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Accounting treatment
Replies (1)
The exemption of 10(37) is not available to a company.You have to determine whether this is a capital asset or not by going through the definition of capital asset as mentioned in sec 2(14) of capital gain which provides certain criteria to be fulfilled to consider it as capital asset or not
Accounting treatment would be:
Bank A/c Dr
To Asset-cost
Difference would be transferred to P/L
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