Receipt entry of sale of land
Dinesh@123 (Account Executive) (64 Points)
02 December 2022
what is the receipt entry if I get money by selling the land?
Dinesh@123 (Account Executive) (64 Points)
02 December 2022
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 02 December 2022
Credit it to land account, which would be under Investment on assets side.
Eswar Reddy S
(CFO- at NHTF)
(58213 Points)
Replied 03 December 2022
sabyasachi mukherjee
(26057 Points)
Replied 03 December 2022
Eswar Reddy S
(CFO- at NHTF)
(58213 Points)
Replied 03 December 2022
Yasaswi Gomes new
(Finance )
(4475 Points)
Replied 03 December 2022
You have to treat it for capital gains as well cause its not an agricultural land if its a not an arable land you have 2 pay taxes
Yasaswi Gomes new
(Finance )
(4475 Points)
Replied 03 December 2022
Forgot, if you have land worth 10 rupees and sold it for 12 rupees
Dr. Bank/Cash 12
Cr. Land 10
Cr. Gain on sale 2
The capital gains can be calculated on the total income I guess cause I dont deal taxes
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