Can a Land Development Co op Bank be considered as Government Entity and hence no capital Gain Tax ?

On my further discussions with other professionsl colleague, there is one ore angle to the said issue. Since this building was being shown as business asset, profit on sale would be considered as part of Profit and Loss account and the said LDB bank being a credit co operative society, is eligible for deduction under 80P and hence no tax liability.

What is your opinion on this?

When I began my ladies' fashion brand trymodest, I first listed down all the financial categories I anticipated dealing with. This included assets like inventory (the garments I was selling), cash on hand, and any bank accounts I'd be using for business transactions.

Liabilities were another important part, covering things like accounts payable for bills from suppliers and any loans or credit card payments related to the business.

Equity was straightforward for me as the sole owner, so I started with an "Owner's Equity" account.
Income categories included "Sales Revenue" for the garments I sold and "Other Income" for any additional sources of revenue.
Expenses, oh boy, that was a long list. 

Customizing this chart of accounts was a learning experience. I consulted with a financial advisor to ensure it aligned with my business structure and met accounting standards.

I hope sharing my experience gives you some insight into creating your own chart of accounts

If the LDB is considered a government entity, it may be exempt from certain taxes, including capital gains tax, depending on the specific tax laws and regulations in your jurisdiction. However, this can vary widely from one location to another, and it may also depend on the purpose of the sale and how the funds are utilized.

Earlier I was little bit confused. Now it is very much clear that it is not government department. it is a co operative society. It has gone into liquidation and proceeds are to be used for repayment of its liabilities. Immovable property has been sold for that purpose only. Government department was involved only for sale process.

Being a co operative society and the asset being a business asset, the surplus is a business profit and  I presume it can avail benefit under section 80P and save on tax.

your views / comments please