Short term capital loss & gain treatment
This query is : Resolved
Praveen Pandit
(Querist)
28 April 2008
Sir
can you suggest me the accounting entry of long term capital gain & Loss treatment.
can you suggest me the accounting entry of long term capital gain & Loss treatment.
CA. Vineet Grover
(Expert)
29 April 2008
Hi praveen,
Following are the entries for accounting capital gain in the books
For Short term capital gain: (held upto one year incase of shares else three years for other capital assets)
Bank/party a/c Dr.
Short term capital loss (if loss) a/c Dr.
To Investment a/c.
To Short term capital gain (if gain) a/c.
For Long term capital Gain:(held for more than one year incase of shares else three years for other capital assets)
Long term capital loss (if loss) a/c Dr.
To Investment a/c.
To Long term capital gain (if gain) a/c.
Rgds/
Vineet
Following are the entries for accounting capital gain in the books
For Short term capital gain: (held upto one year incase of shares else three years for other capital assets)
Bank/party a/c Dr.
Short term capital loss (if loss) a/c Dr.
To Investment a/c.
To Short term capital gain (if gain) a/c.
For Long term capital Gain:(held for more than one year incase of shares else three years for other capital assets)
Long term capital loss (if loss) a/c Dr.
To Investment a/c.
To Long term capital gain (if gain) a/c.
Rgds/
Vineet
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