Accounting
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 March 2012
sir, in propriter ship firm the propriter purchased the land and doing construction on it....can we show this in our fixed assets if yes then what is the header of assets and if no then what to do..???
CA Rushikesh Kolhe
(Expert)
30 March 2012
Yes we can show it as fixed asset. But if the land and building is for business then only one can claim depreciation. If it is his residential house then he can not claim depreciation
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