Dear Sir,

We need your precious help. An ancestral 6 storey building. It has been shown in the balance sheet of Private Limited Company (Trading Company) since 1960. The Private Limited Company has been availing depreciation for the same building in every year. Being an old and ancestral building, it does not have any record like date of purchase, value of purchase etc. In a word, there is no document which shows its present value as well as past value. The building is situated in Kolkata and its document of Corporation Tax is there. Whereas, tenants are there and rent and maintenance charges, collected from the tenants, are being shown as ‘Income from House Property’ in company’s P & L A/c.
Now, the matter of concentration is that in the Financial Year 2016-2017, a portion of a floor of this 6 storey building has been sold out near to rupees 1.05 crore. As, yearly depreciation has already been taken, the sale can’t claim the privilege of ‘Capital Gain’. So, if the sale amount is directly taken at the credit side of ‘Profit & Loss Account’ as an Income, then the Payable Income Tax Amount is becoming near about 30 Lakh which is quite a heavy amount for a Private Limited Company whose turn- over is 8 Crore. Further to say that in the same year a repairing expense near about Rs.50 Lakh is incurred in order to repair another floors. Can this expenses be adjusted with the above mentioned sale amount subtracting directly from total sale amount or putting the expenses at the debit side of P & L A/c ? So, please advise mentioning the ways how can we reduce the amount of Tax.

Regards,
Subhadip Acharya

HOW TO DO JOURNAL ENTRIES IN CASE OF GOODS LOST BY THEFT. AND INSURANCE CLAIM IS RECEIVABLE IN NEXT YEAR.
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Sir,

Our company pays advance to various staffs against salary which comes around 5 Lacs per month. Whether income tax or any other relevant law has any guidelines on such advances?

Thanks

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