Capital gains
This query is : Resolved
23 January 2009
One of my friend is looking part time Accounts for a trust. He wanted to calrify the following doubt.
It is a Charitable Trust & registered on 1994. They purchased a land for Rs.100000/-. in the name of trust in same year and they have not maintained any accounts for this.Now they sold the same plot for Rs.2000000/- , from this amount they spent 1000000/- for purchasing a new plot.
Now my friend's question is how it should be accounted, since it has not maintained several years.
Duing these 14 years no activities has been taken place.
Please advice.
One of my friend is looking part time Accounts for a trust. He wanted to calrify the following doubt.
It is a Charitable Trust & registered on 1994. They purchased a land for Rs.100000/-. in the name of trust in same year and they have not maintained any accounts for this.Now they sold the same plot for Rs.2000000/- , from this amount they spent 1000000/- for purchasing a new plot.
Now my friend's question is how it should be accounted, since it has not maintained several years.
Duing these 14 years no activities has been taken place.
Please advice.
23 January 2009
trust would be liable to pay longterm capital gain tax & amount spent for the purchase of new plot would be allowed as deduction.
long term capital gain tax should be paid accordingly.
it does not make any sense whether trust has carry out any activity or not.
long term capital gain tax should be paid accordingly.
it does not make any sense whether trust has carry out any activity or not.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- GSTR9 Annual Return
- Employee secondment
- Ito add credit side of bank
- Applicability of tax on invoice
- Rectification under processing even after 6 months cpc portal
- Form 144 TDS Return Validation error
- GST ITC as per notification 12/2023- central tax
- Import of Capital Machine
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
