Revaluation of Land & building

This query is : Resolved

prakash r sahane (Querist)
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24 January 2010 An assessee wants to Revalue its land & building ( Bldg constructed in Aug 2009,Cost Rs 1.5 crores, Market Value of Land & buildig arround 3 Crores)
Can the Assessee Revalue ?
What is the Accounting treatment ? How depreciation is to be charged ? and what is the Depreciation for Income Tax Purpose ?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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06 April 2012 Entry will be as under:

Land & Building A/c Dr
To Revaluation Reserve

However, you will not be able to charge depreciation on the revalued amount because in Income Tax, depreciation is allowed on written down value and there is no concept of revaluation.

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