banner_ad

Purchase of Land

This query is : Resolved 
Profile Image

Profile Image

(Querist)
22 February 2010 How the asset will be recorded in books of company under IT Act & Company's Act in case of purchase of land and subsequently construction work carried on by the purchaser.
Whether land will be carried at purchase price in books & cost of construction will be carried as capital asset in books on which depreciation will be provided.
Whether practice of carrying both separately in books is correct treatment or not?
Profile Image

CA Chitresh Gupta

Profile Image

CA Chitresh Gupta (Expert)
22 February 2010 Land and Building will be capitalised sepeately in books of account.

There will be no depreciation on land as having a indefinate useful life.

As regards building, it will be depreciated over its useful life.

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


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details