Entry for ltcg

Archana Das (CA Final student) (622 Points)

13 October 2012

Hey can Any1 help me to pass the journal entry for payment of tax on long term capital gain.

Also explain y s dat particular a/c dr or cr.

Thanks

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2 Replies

nikhil shah (B.Com) (28 Points)
Replied 14 October 2012

incometax payable account dr

to bank a/c

CS RAJESH C.CHOUDHARY (ASSISTANT MANAGER) (14607 Points)
Replied 14 October 2012

Debit the receiver

and credit what goes out

should be the right answer.

So entry to be passed should read:

Long term Capital gain tax a/c dr.

To cash/cheque a/c.

(Long term Capitalgain tax paid in by cash cheque)

Regards,

RAJESH CHOUDHARY

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