08 February 2014
please help me. I have got a case where in there's a partnership firm with 4 partners . 10 years back the value of plot of land was 10 lacs. each partners had contributed 2.5 lacs each. in 2014 the land was revalued and its value is 1 crore. now my questions are
1)is revaluation permissible?
2) in accounting how it will be treated?
3) is it taxable and what will be its tax impacts?
please help me..
CAclubindia
