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Accounting of plot purchased for personal purpose
At what value a plot is recorded in balance sheet? purchased price or stemp duty value?
Replies (4)
Purchase price
Thank you.. if my purchase price is less than SDV and difference is more than Rs.50000/- then do I need to book difference amt as other income in P& L account????
In book of account, it's recorded at purchase price only.
other income concept, u r saying is applicable only for tax calculation purpose
other income concept, u r saying is applicable only for tax calculation purpose
Yes the difference should be recognised by the buyer
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