Sales transactions amount show procedure

This discussion explains how to accurately record the purchase and subsequent sale of a vacant site in your accounting books. It addresses a scenario where a property was bought for Rs 20 lacs in FY 18-19 but not initially recorded, and later sold for Rs 25 lacs in FY 21-22. The advice covers how to treat the initial purchase, including using a gift from a spouse for the funds, and then how to record the sale to correctly calculate capital gains.