Sale of Land

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Smrity (Querist)
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12 October 2020 Good Afternoon All,

We have sold and land for 8.75 , 1.25 less than the amount booked and received in cash.

How to book the transaction .

Shld we show loss on sale of land or how.

Sagar Patel

Sagar Patel (Expert)
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13 October 2020 Can you re-draft your query..

Smrity

Smrity (Querist)
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16 October 2020 The cost price of the land is 8.75 cr and sold withing a year at 7.5 cr in white and 1.25 in cash

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Sagar Patel

Sagar Patel (Expert)
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17 October 2020 Is land is Agriculture land or non agriculture land ?.......
Purchase Agreement value Rs. 8.75 cr. and sale Agreement value Rs. 7.50 cr. Than it's loss....also required to check Stamp duty value of land. If Stamp duty value is more than agreement value, (above prescribed % ) than you have take Stamp duty value as sale Consideration