Land Sale- Reg

625 views 1 replies

Hi all Pls solve this Case! 

M/s XYZ P (ltd) has sold some acres of Land that was purchased some 15 years before. Now the sale was done in FY 2005-06. But the Company By Omission did not disclose/account  this ( Either in the Books nor in the Return of Income).

Now they want to disclose/account this now and pay LTCG tax on this.What are the Ramifiactions on the taxation side. Also tell me how to account this books in FY 2008-09. Whether this is a Prior period item or not?

Urgent Pls Guide!

Thanks

Replies (1)

Santosh,

Fixed assets sale will be brought in the books as usual. Only the component of profit and sale will be accounted in PRior Period Items.

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
24 June 2026
Chartered Accountant - GST & Direct Tax

APL

Mumbai

CA

View Details
Company
ARTICLESHIP 18 June 2026
Article Assistance

RB KESHRI & CO.

Mumbai

CA Inter

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
16 June 2026
Sr. Associate / Assistant Manager | TAS / FDD

Boutique Investment Bank & Transaction Advisory Firm

Gurgaon

CA

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details