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Is rented building is our fixed assets

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 November 2012 Dear Expert

Plz clearify that I have income from rent of property only while preparing final accounts i have include that rented building in fixed assets in balance sheet.

Wheather its right or not

or rented property should not be include in Fixed Assets

please clear it in reference to Act
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
02 December 2012 You have done it correctly. The nature of asset does not get changed by letting it out. Fixed asset remains as such until you convert the same into stock in trade or otherwise.
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