land purchased as stock
This query is : Resolved
02 September 2008
my question is
if i have purchased a land and agreements shows that i have purchased the land with the intention of its sale in the future or use for the personal purpose in the future .
then weather i can treat the land as my stock.because my intention was not to hold land as investment.
if yes then can i capitalise the interest cost beared for this investment.
if i have purchased a land and agreements shows that i have purchased the land with the intention of its sale in the future or use for the personal purpose in the future .
then weather i can treat the land as my stock.because my intention was not to hold land as investment.
if yes then can i capitalise the interest cost beared for this investment.
S.Srinivasaraghavan
(Expert)
02 September 2008
You can show as stock if it is intended to trade on land. Interest and finance costs are advised by AS2 as not includible in inventory costs.
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