suppose it assess purchase of vacant site rs:20 lacs value in f.y.18-19 .but assess purchase transaction not show in books and it returns.
assess vacant site rs:25 lacs sold in f.y.21-22.
question:
1.assess vacant site sales value show procedure in books and it returns.
2.purchases transaction show procedure.
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Sales transactions amount show procedure
Replies (5)
Quick Summary
How the payment of Rs 20 lacs made at the time of purchase of land?
Payment through on online mode wife bank account rs:20 lacs
Property is in who's name??
Property name for husband and payment through on wife bank account and purchase value not show in books and it returns.
The purchase can be recorded in books by showing that you received gift from your wife and property is purchased from that money, and purchase of property is nowhere shown in IT returns, only sale is shown.
Now, since you have recorded the purchase value of property then you can easily pass the sale entries and calculate the capital gains.
please like my reply if you found it useful so that I'll be motivated to answer more.
Now, since you have recorded the purchase value of property then you can easily pass the sale entries and calculate the capital gains.
please like my reply if you found it useful so that I'll be motivated to answer more.
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