Capitalization
This query is : Resolved
22 February 2010
Hey
We have purchased a land in the name of Individual who is director in Company. We want to capitalize its cost in companies accounts.
What is the way to capiatlize its cost without paying stamp duty.
We have purchased a land in the name of Individual who is director in Company. We want to capitalize its cost in companies accounts.
What is the way to capiatlize its cost without paying stamp duty.
23 February 2010
It is not possible to capitalise it in company accounts. In fact if the payment is made by the Company and the asset is purchased in the name of the Director, then it would be deemed to be a loan to Director and would face legal consequences under Section 295.
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