Cost of property
This query is : Resolved
11 February 2014
Sir,
One of our client had purchased a property for Rs.5 Lacs(Market Value rs.80,00,000), this value of Rs.5 Lacs was being determined by High court standing certain legal isuues on the said property. My question is while carrying on the said asset to the books which value will be considered.
One of our client had purchased a property for Rs.5 Lacs(Market Value rs.80,00,000), this value of Rs.5 Lacs was being determined by High court standing certain legal isuues on the said property. My question is while carrying on the said asset to the books which value will be considered.
11 February 2014
you will carry the asset on the value at which you bought it.
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