Agricultural land received from father
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??
Replies (8)
cost of acquisition
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
Cost of Acquisition in the hands of his father will be the cost of acquisitonin his hands
Why saw as gift. If your father is farmer as per govt. then he can add your name as varasdar.
@ shivani, rinkal, sandeep.
Now in the balance sheet the amount will be differd (not tallying). Is there any treatment on the liability side??
Capital will increse
thank you
@ Amit jain, sandeep, rinkal, shivani Mittal.
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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