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 ?
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Section 43CA query
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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.
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