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This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 December 2016
ek individual person ki last year balance sheet me plot ki value 270000/-thi is saal uski market (fair) value 380000/- hai to iske beech ki difference (110000) value kya uski taxable income hogi plz guide me.
Nischit Sanghavi
(Expert)
12 December 2016
According to the cost principle, it requires to report assets at their cost when acquired—not their replacement cost or market value
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