Section 43CA query

109 views 1 replies

Prashant Sharma

84 Points Joined June 2018

As per sec 43CA,
if any land held as business stock in trade sold for 70 lakhs and Stamp duty value is 1 crore. Then business receipt will be deemed to be 1 crore.
70 lakhs will be recovered from customer but how 30 lakhs will be dealt in books ?
kindly advise for the same ?

Replies (1)

CA Raj Doshi

Practising CA

8944 Points Joined December 2013

The profit and loss will be prepared as per actual values but the computation will have the difference added to the profits from business profession as deemed income.