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Cost of Fixed Asset

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(Querist)
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
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Praveen Sharma

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Praveen Sharma (Expert)
15 November 2010 What's the Status of Business??
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
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.
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taxindiaconnect

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taxindiaconnect (Expert)
15 November 2010 Agreed with Shailesh
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