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Agricultural land received from father

Lakshman kothinti (student) (83 Points)

06 October 2015  
one of the my client received agricultural land from his father as a gift.. now he is filing income tax returns,.Now in the balance sheet at what value the agricultural land should be shown??

 8 Replies

sandeep (CMA-FINAL) (59 Points)
Replied 06 October 2015

cost of acquisition 

Miss Rinkal (Student) (1304 Points)
Replied 06 October 2015

Cost of acquistion in case of gift will be the cost at which your client's father acquired the land The cost of land will be the value of land in the given case

Shivani Mittal (Practice) (425 Points)
Replied 06 October 2015

Cost of Acquisition in the hands of his father will be the cost of acquisitonin his hands

Bharat Akhaja (32 Points)
Replied 06 October 2015

Why saw as gift. If your father is farmer as per govt. then he can add your name as varasdar.

Lakshman kothinti (student) (83 Points)
Replied 06 October 2015

@ shivani, rinkal, sandeep. Now in the balance sheet the amount will be differd (not tallying). Is there any treatment on the liability side??

Amit Jain (CA Practice ) (21 Points)
Replied 06 October 2015

Capital will increse

Lakshman kothinti (student) (83 Points)
Replied 06 October 2015

thank you @ Amit jain, sandeep, rinkal, shivani Mittal.

Shashank Upadhyay (Students) (288 Points)
Replied 07 October 2015

Agricultural land need no to be disclosed in balance sheet of Proprietorship firm as it is not a business asset, rather, It is a personal asset.

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