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land as asset

This query is : Resolved 
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(Querist)
05 May 2009 If a Government Company shows a freehold land as its asset, although the registration is still pending with the Government (the transferor). Can it show it as its asset?
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
06 May 2009 It can show it as an asset if the agreement for sale has been executed and just registration is pending.
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taxindiaconnect

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taxindiaconnect (Expert)
06 May 2009 No the land can not be shown as assets as the title is still not in the name of the company. The company has to show the amount paid for land as advance in it's books.
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Jay Chakraborty

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Jay Chakraborty (Querist)
23 July 2009 thank you.
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