Upward revaluation of land in books of accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 August 2010
Sir,
In a partnership firm I have a land in my books at Rs. 2 lacs since
the year 2000.
It has a market value of Rs. 30 lacs as on date.
For the purpose of bank loan i wish to show my balance sheet as strong as possible.
for that purpose i want to show the land at current market price in my Balance sheet
How shall i do it and will there be any tax implications of the same?
In a partnership firm I have a land in my books at Rs. 2 lacs since
the year 2000.
It has a market value of Rs. 30 lacs as on date.
For the purpose of bank loan i wish to show my balance sheet as strong as possible.
for that purpose i want to show the land at current market price in my Balance sheet
How shall i do it and will there be any tax implications of the same?
Aditya Maheshwari
(Expert)
13 August 2010
Income tax does not recognise this type of increase in value and hence no tax is levied on any type of revaluation profit or loss.
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