banner_ad

Land Sale- Reg

Tax queries 619 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.

 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details