ITS REALLY URGENT....
X HAS A BUSINESS OF BUYING AND SELLING LAND. HE SOLD AN AGRICULTURAL LAND FOR RS 500000. BUT WHILE SELLING DLC VALUE WAS CONSIDERED BY THE STAMP AUTHORITIES.... NOW, WHEN WE PASS A JOURNAL ENTRY IN OUR BOOKS, WILL WE SHOW SALE AT ACTUAL VALUE OR AT DLC VALUE...??? IF WE CONSIDER DLC VALUE, WON'T OUR PROFITS GET INFLATED, ALTHOUGH WE HAVE ACTUALLY NOT RECEIVED THAT PROFIT.... AND IF WE CONSIDER NORMAL SALE VALUE, HOW WILL WE COMPUTE TAX... BECAUSE FOR TAXATION PURPOSE, WE HAVE TO CONSIDER DLC VALUE..... PLEASE GUIDE.... THANX IN ADVANCE.....
CAclubindia
