An residential flat was purchased in 1982 for RS.30000 for which no purchase agreement is available.. This flat was nt shown in the books of accounts till date. But rent income on the same flat has been reflected in tax returns and books of accounts.This flat has been sold for RS 96,00,000 in the FY 2012-13 and the receipt of the same is reflected in pass book..What should be the treatment for the above query for filing return for the said FY??
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Tax and accounting treatment query
Replies (6)
It is Long term capital gains and accordingly tax liability will be calculated. As far as indexed cost of aquisition is concerned 30k may be taken after consulting a valuer.
I agree with Sanjeev sir..
Its LTCG nd take indexed COA as 30k..
it would be taxble but you claim exemption of sec 54
no need to show asset in balance sheet. transfer 9600000 in capital a/c and then show drawing. and calculate capital gain as per income tax rules. 9600000 less indexed cost of property.
| Originally posted by : CA tarannum khatri | ||
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no need to show asset in balance sheet. transfer 9600000 in capital a/c and then show drawing. and calculate capital gain as per income tax rules. 9600000 less indexed cost of property. |
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Completely agree with Tarannum khatri mam..
but mam in case the amount has not been drawn out of the account can't we show it as an addition to capital...
and secondaly how can it be shown as drawing if the amount has not been withdrawn ??
what is the need of showing the amount as withdrawn whereas assessee will have paid the tax as per income tax act.yes i also agree with the point that there is no need to show as assest
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