02 November 2008
Sir If i purchase a land for Rs 1 lakh and after some time i sold it for Rs 80000 because of decrease in market value the loss which i going to incurred it to be treaded as loss on sale of assets or something else please let me know the correct entry thanks
02 November 2008
First of all make it clear whether the land you possessed is rural land or urban land In case of Rural land, gain or loss on asset is not considered for Income Tax purposes However in case of Urban land, it will be considered as a long/short term loss.
CAclubindia
