SIR MY QUERY IS THAT IN ABC BALANCE SHEET 500000 IS STANDING AS UNSECURED LOAN OF XYZ
NOW ABC SALE HIS PROPERTY OF 500000 TO XYZ 'S BHABHI AND AMOUNT ADJUSTED BY BOOK ENTY . IS THIS ENTRY IS OK
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Regarding entry in reference to income tax
Replies (2)
No IT's Not Ok in this case Capital Gain Come Into Play You Have To Calculate That Also... And Need One Written Agreement Copy For Squre of This Transaction
agree with mehul ji,
capital gain is come in force and unsecured loan is square up by an agreement
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