Cost of Fixed Asset
This query is : Resolved
14 November 2010
Mr. X has converted his private asset comprising of the following asset into his
business asset on 01.4.2008:
Asset Original Cost Dt. of Acq
A) Building Rs.2500000 01.04.06
FMV as on 01.04.08
Rs.3500000
Value recorded in books
Rs.4000000
What is the cost of asset to be capitalized in the books?
Thanks
Regards,
Devendra Kulkarni
business asset on 01.4.2008:
Asset Original Cost Dt. of Acq
A) Building Rs.2500000 01.04.06
FMV as on 01.04.08
Rs.3500000
Value recorded in books
Rs.4000000
What is the cost of asset to be capitalized in the books?
Thanks
Regards,
Devendra Kulkarni
Praveen Sharma
(Expert)
15 November 2010
What's the Status of Business??
15 November 2010
Book value will be 4 lakhs. Since X is purchasing / converting the own assets for his business at the value of 4 lakhs.
taxindiaconnect
(Expert)
15 November 2010
Agreed with Shailesh
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