Accounting For Fixed Asset AS -10
This query is : Resolved
16 February 2010
Please suggest the accounting treatment of Demolition of an old building which was constructed on a Land. The demolition has generated a revenue of Rs. 10 lacs from the sale of scrap in the same year of purchase of land.
Can this scrap value be credited to the cost of land so as to subsequently reduce the cost of Land?
What is the tax implication of this treatment?
The building was entirely useless for the company since it was purchased?
Can this scrap value be credited to the cost of land so as to subsequently reduce the cost of Land?
What is the tax implication of this treatment?
The building was entirely useless for the company since it was purchased?
16 February 2010
My view Cost of demolition less revenue generated on that amount(net) need to be added to value of land
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