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Assest value shown in producure


kollipara sundaraiah (B.com)     20 September 2020

kollipara sundaraiah
B.com 
 14 likes  776 points

| My Other Post

I.t . filed individual person purchases of site.this site value fixed assest under head shown in balance sheet or debited to Assess capital account transfer is correct.

avater

Sagar Patel (Tax and Business Consultant)     20 September 2020

Sagar Patel
Tax and Business Consultant 
 994 likes  11136 points

View Profile | My Other Post

If individual Purchase any site (means it's Land Purchase)
1. Than if individuals is engaged in business and Purchase it's for Business purpose than it will be considered as "Fixed Assets".
2. If individual is in business of Land i.e like developers, than its considered as "Stocks".
3. Otherwise, If Purchased as Investments purpose only, than in balance shown as "Investments".


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