Query:
I purchase a land & building and bought stamps for the same for stamp duty, but later on duty structure changed and I have sold remaining stamps at 10% discount. What is the accounting treatment of the same loss on sale of stamps.
Let take an example:
Value of land:5.00 lacs.
Stamp Duty value; 1.00 lacs.
Revised Stamp duty: 0.60 lacs.
Remaining Stamps sold for Rs. 0.54 lacs.
So what will be the accounting treatment for loss of Rs. 6 thousands.
Whether capitalize to Land a/c.?
Or charge to p/l. a/c.
CAclubindia
