Urgent......deed of settlement
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 January 2016
if father has made deed of settlement in favour of son
and son has demolish that Building and incurred Rs. 80 lacs for construct a new buliding
however son has full power of alienation of property only after the life time of the father and his wife
present value of land is rs. 1.5 cr
my question is that what amount should be shown by son in balance sheet as he is liable for tax
audit
1 he should show only construction expenses as he is not owner
2 or he should show in capital a/c Rs. 1.5 cr as a deed of settlement
3 in fixed assets what amount
and son has demolish that Building and incurred Rs. 80 lacs for construct a new buliding
however son has full power of alienation of property only after the life time of the father and his wife
present value of land is rs. 1.5 cr
my question is that what amount should be shown by son in balance sheet as he is liable for tax
audit
1 he should show only construction expenses as he is not owner
2 or he should show in capital a/c Rs. 1.5 cr as a deed of settlement
3 in fixed assets what amount
18 January 2016
1 It is a deed of settlement not a will so he is owner it only restricts the sale during life time of father.
2 Show Rs. 1,5 cr in capital a/c.
3 In fixed assets Rs. 1.5 cr plus construction expenses.
2 Show Rs. 1,5 cr in capital a/c.
3 In fixed assets Rs. 1.5 cr plus construction expenses.
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