As per sec 43CA,
if any land held as business stock in trade sold for 70 lakhs and Stamp duty value is 1 crore. Then business receipt will be deemed to be 1 crore.
70 lakhs will be recovered from customer but how 30 lakhs will be dealt in books ?
kindly advise for the same ?
1 Replies
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 07 September 2024
The profit and loss will be prepared as per actual values but the computation will have the difference added to the profits from business profession as deemed income.
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