Land purchased for Rs. 1 Lac in 2008 and sold in the year 2021 for 2.50 Lac
What are the journal entries will be in entries while doing capital index / booking of loss / gain
please explain in details
Sivaramaraju G
(Learner)
(2398 Points)
Replied 21 May 2021
RAJ
(ABC)
(60 Points)
Replied 21 May 2021
Land index value on 2021 is 219708 and the difference of 119708 not required to enter in tally during sales??
Then how gain or loss will be calculated
Please explain
Sivaramaraju G
(Learner)
(2398 Points)
Replied 21 May 2021
RAJ
(ABC)
(60 Points)
Replied 21 May 2021
In Tally we will book Gain of Rs.1.50L and while calculation of I Tax we will consider 250000L - 219708L ( Index value) =30291/- ??
veerendar singh
(tax consultant)
(3301 Points)
Replied 21 May 2021
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