Tds on sale of immovable property

Please help me to solve below Query.

Our Business is about Trading of Immovable Property. We have sold building of Rs 6200000/- . and received Cheque of 6200000 and TDS is paid by purchaser party and we gave a cheque of rs 62000/- to purchaser party.  Then In Sale Ledger What Amount Should be taken 6200000/- or 6138000(6800000-68000). Please Help me to give proper Accounting Treatment.

Replies (5)

Dear Sir 

Sale amount will come as 62 lakhs and TDS deducted will be booked under TDS A.Y 2014-15. 

I hope answer is clear.

Regards 

what journal entry should i pass for tds receivable?

Bank a/c Dr 61.38lakhs

TDS A.Y Dr. 0.68 lakhs (make it under current assets )

Party Name Cr 62.00 lakhs 

 

(Being amount recived on sale of building )

 

what journal entry should i pass for tds receivable?

1. Invoicing

Debtor/Purchaser      Dr.              62,00,000

To Sale value in advance A/c                               62,00,000

(Being invoice raised for installment received)

2. On receipt of consideration:-

Bank A/c                   Dr.              62,00,000

To Debtor/Purchaser                                      62,00,000    

(Being receipt accounted) 

3. On issue of cheque for TDS amount:-

TDS Receivable A/c   Dr.               62,000

To Bank A/c                                                  62,000

(Being TDS amount refunded to customer & corresponding credit taken)

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