Revaluation of asset (land) of partnership firm

This query is : Resolved

sreechithra.v (Querist)
Follow

14 October 2013 Sir,

Whether a partnership firm can Revalue its Asset (Land).???
If it can then please explain me about the Tax implications on such a Revaluation , as we distribute the Revaluation profit among the Partners of the Firm...

Please Help...

Thank you.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

14 October 2013 Yes why not..even partnership firm can and land is always revalued as there is shortage and it value mostly under normal condition goes up.

sreechithra.v

sreechithra.v (Querist)
Follow

14 October 2013 Sir,
Please explain more about its tax implications?????

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

14 October 2013 Revaluation is nto practicallu get money more unless when u try to really sell it...merely increasing book value will not be taxed but the depreciation will not be allowed on the excess price increased.

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

siddhesh satardekar

santhosh singireddy

madhu sudan

RAJENDRA PARAKHI

kavita goel

Subscribe Now

Revaluation of asset (land) of partnership firm

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA