Maintenance of asset register

Save Share

This query is : Resolved

abhijit majumder (Querist)
Follow

25 August 2026 Sir
Date of acquisition of the building was found from letter of permissible possession which allotted 10 years before to a govt Company by the Govt. However the document was not referred any monetary consideration/value. So nothing entered in the asset register at that time. Now if we entered it into asset register what will be the value of the building?
Does WDV under ITAct will be the value?
Regards
Abhijit

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)
Follow

25 August 2026 For accounting purposes, the building should be recorded at its actual cost (which is nil or nominal if no consideration was paid) or a valuer-certified historical cost, and not simply as WDV unless depreciation was legally claimed and allowed on an established "Actual Cost" under the Income Tax Act.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now