Tax implication on revaluation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 March 2014
fixed assets A/C DR.
TO p& l account
(being fixed assets are revalued at the fair value and amt tr to p & l a/c .
in partner Ship FIRM , IS ABOVE TRANSACTION FALLS UNDER Tax implication ?
pl support with explanation on above query
TO p& l account
(being fixed assets are revalued at the fair value and amt tr to p & l a/c .
in partner Ship FIRM , IS ABOVE TRANSACTION FALLS UNDER Tax implication ?
pl support with explanation on above query
30 March 2014
Revaluation is neither taxed nor it is treated as income or loss. While computing this profit or loss is to be excluded as depreciation is allowed only on written down value method.
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