tax on revaluation
This query is : Resolved
CA Abhishek Goel
(Querist)
25 August 2009
whether income tax will be paid on revaluation of land in a ltd company. it its value increases from 100 lacs to 200 lacs.and what will be its effect on its sale time.
Thanks in advance
Thanks in advance
CA Abhishek Goel
(Querist)
25 August 2009
a
Aditya Maheshwari
(Expert)
25 August 2009
Not taxable as only revalutation not sale, and not credit to p & l a/c but to revaluation reserve a/c. No deduction of revaluation allowed
Message likes :
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25 August 2009
Hmm.. Correct
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