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...
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.
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.
CAclubindia
