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Treatment in books of accounts

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29 November 2013 A person is having a property handovered by his father which was not brought into books of accounts for more than 15 yrs ....now he is thinking to get them accounted ....wt will be the treat ment in the books? and wt abt tax implication? can he claim it under HUF. ..?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
29 November 2013 The property can be taken in HUF only on the basis of father's will.
.
In the absence of any such will, In the accounts of the person the property can be inserted through his Personal Capital Account. There will be no tax liability on the inherited property.
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CA Manish Khanna

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CA Manish Khanna (Expert)
30 November 2013 Accounting treatment suggested : debit land and capital reserves .
As far as HUF is concerned, transfer by will is not necessary. In fact only self acquired property can be willed. I don't think you can take this as a huf property .
Tax treatment : cost to original owner will be the cost . You can index the cost fir computing capital gains.
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