Fixed assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 August 2015
sir
A plot worth 120000/-was purchased few years back .Now a house is built worth 200000/- .Can additions be shown to plot under fixed asset? Or house should be shown separately shown under fixed asset?
Thanks in advance
A plot worth 120000/-was purchased few years back .Now a house is built worth 200000/- .Can additions be shown to plot under fixed asset? Or house should be shown separately shown under fixed asset?
Thanks in advance
05 August 2015
After construction since plot has changed into house it has changed its identity therefore house should be shown with value Rs. 320000/-. You can show plot worth Rs. 120000/- and construction worth Rs. 200000/- under house head. This will be more appropriate from the point of view of capital gains calculation if sold in future.
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