Accounting of building purchase
This query is : Resolved
02 March 2012
If a Pvt ltd company purchasing building for 50 Lakhs, whether 1) Land has to be accounted seperatly 2) whether wealth tax is applicable since the property value exceeding 30 Lakhs. Pls clarify. Thanks in advance
CA. Hari Kishan
(Expert)
02 March 2012
On purchase of the building, it is always wise to account the value of the land separately and the value of the building separately.. the same is for computation of depreciation.. (it is advised to give the details of the same in the sale deed itself).
Wealth tax provision are also to be complied for..
Wealth tax provision are also to be complied for..
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