Capital gain

Ankur Gupta Advocate (Querist) 29 August 2013 This query is : Resolved
RESPECTED SIR,
I face a problem in entry of capital gain
I have a land of rs. 10000/- aprox
i sold it of rs. 50000/-
i have 40000/- capital gain
how do i entry in tally

Thanking You

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Anirudh (Expert) 30 August 2013
Dear Ankur,

Entire difference of Rs.40000/- is not capital gain.

Capital gain = sale value (minus) indexed cost of acquisition (minus) indexed cost of improvement (minus) expenditure incurred wholly and exclusively for transfer of the property.

DILIP KUMAR AAGARWAL (Expert) 30 August 2013
in tally entry will be cash a/c Dr.40,000/-and credit land a/c by 40,000/-. Transfer Excess 30,000/- of land a/c by debiting and credit the Rs.30,000/- creating new account income from sale of land. Now accounting and tax computation has no relation so calculate the tax as advised by expert Mr.Anirudh .