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Reg agri land

This query is : Resolved 
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(Querist)
06 February 2016 if i have registered agriculture land which i purchased (not inheritance) few years back and not shown in my balance sheet.. now how to show in balance sheet?? any objections from IT Dept???.
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CA CMA CS Ram Pavan Kumar Melam

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CA CMA CS Ram Pavan Kumar Melam (Expert)
06 February 2016 Show the agricultural land purchased under the head Investment assets or Fixed Assets (not as stock-in-trade under Current Assets) with the purchase amount and expenses incurred for purchase of the land such as registration expenses, stamp duty etc. (i.e. historic cost). This fulfils the asset side of the balance sheet.

On the liabilities side of the balance sheet, increase capital amount to the extent of the amount shown for that asset in the assets side of B/s.
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Saket Jain

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Saket Jain (Expert)
06 February 2016 If source of payment is legitimate then i don't think any problem may arise.
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