Residential property purchased by proprietor


This query is : Resolved 

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This discussion clarifies the accounting treatment of expenses related to purchasing residential property. Municipal taxes paid before occupation are considered periodical expenses and should not be capitalised. However, payments made to the National Green Tribunal (NGT) are treated as one-time payments and should be capitalised.

06 February 2023 when residential property purchased by proprietor and Municipal tax paid by proprietor before residing , whether Municipal taxes paid should be capitalized.

06 February 2023 No, it's periodical expenses revenue can't be capitalised

06 February 2023 But sir,
paid to NGT ( National Green Tribunal) , whether should be capitalised.

06 February 2023 Yes, it should be capitalised as it's one time payment.


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