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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?
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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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