Purchase amount for land assessed u/s 50c

1,16,00.000/- value to be taken for account entries. cost of land add related expenses must be added.

NOTE:

SECTION 50C IS APPLICABLE IN CASE OF SALE OF ASSET(BEING LAND OR BUILDING OR BOTH) AND NOT IN CASE OF PURCHASE OF ASSET. MOREOVER, EVEN IF IT IS SALE THEN ALSO ENTRY CAN NOT BE PASSED BY 1.6 CRORE.

PURCHASE A\C DR       10 LAKHS

           TO BANK                                10 LAKHS

(BEING LAND(STOCK FOR REAL ESTATE BUSINESS) PURCHASED)

FURTHER MORE SECTION 50C IS NOT APPLICABLE ON STOCK, AS FOR REAL ESTATE BUSINESS LAND IS STOCK HENCE 50C HAS NO RELEVANCE HERE