How to make Tally Entries for Sale of Property which incurs LTCL based on Indexation workings

To pass Tally Accounting Software entries for the sale of your apartment, follow these steps:

 1. Create a new voucher: Go to Accounting Vouchers > Sales > F6 (Other Sales)

 2. Debit: Capital Goods Account ( Apartment) - Rs 36,93,373 Credit: Incomes Account (Capital Gains) - Rs 61,00,000

1. Long-term Capital Loss: Create a separate voucher Debit: Incomes Account (Capital Gains) - Rs 36,86,091 Credit: Capital Loss Account - Rs 36,86,091

1. TDS Entry: Create another voucher Debit: TDS Payable Account - Rs 6,100 (1% of Rs 61,00,000) Credit: Income Tax Payable Account - Rs 6,100 

1. Receipt of Payment: Create a receipt voucher 

Debit: Bank Account - Rs 60,39,000 

Credit: Incomes Account (Capital Gains) - Rs 60,39,000.

Note that Tally ERP 9 has a specific module for accounting and tax purposes, so ensure you're using the correct features and vouchers for your entries. 

Originally posted by : Rama chary Rachakonda
	To pass Tally Accounting Software entries for the sale of your apartment, follow these steps:  1. Create a new voucher: Go to Accounting Vouchers > Sales > F6 (Other Sales)  2. Debit: Capital Goods Account ( Apartment) - Rs 36,93,373 Credit: Incomes Account (Capital Gains) - Rs 61,00,000 1. Long-term Capital Loss: Create a separate voucher Debit: Incomes Account (Capital Gains) - Rs 36,86,091 Credit: Capital Loss Account - Rs 36,86,091 1. TDS Entry: Create another voucher Debit: TDS Payable Account - Rs 6,100 (1% of Rs 61,00,000) Credit: Income Tax Payable Account - Rs 6,100  1. Receipt of Payment: Create a receipt voucher  Debit: Bank Account - Rs 60,39,000  Credit: Incomes Account (Capital Gains) - Rs 60,39,000. Note that Tally ERP 9 has a specific module for accounting and tax purposes, so ensure you're using the correct features and vouchers for your entries.

Sir, Beg a pardon, but the Apartment was bought in 2008, as we assume he would have passed that entry in that particular year. So the property value will  automatically come as an opening balance in the year 24-25. He was sold his property in 24-25, so he should passed the entry in following manners :