capital Gain
This query is : Resolved
10 January 2017
I had a property of rupees 8 lakh(purchase date 22/03/2008)
I sold my property of rupees 19 lakhs (sale date 24/08/2016)
I want to pass entry in my Balance sheet for A.Y-17-18.
plz help me
10 January 2017
(Assuming entire money is received on sale date)
debit cash/bank (as the case may be)....... 19 L
credit property........ 8L
credit profit on sale of property........ 11L
debit cash/bank (as the case may be)....... 19 L
credit property........ 8L
credit profit on sale of property........ 11L
10 January 2017
the above entry is passed on books . tax treatment will be different.
10 January 2017
Absolutely right. "Books of accounts" and "income tax computation" may be different from each other.
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