if any assesse construct any building (for business or self occupation), is it necessary to maintain building construction accounts ? and value that building with registered valuer?
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Building construction
Replies (3)
Yes. he should maintain a proper account so that the Building can be valued correctly.
Regards,
Devendra K
There is no need to value the building with registered valuer.
The cost incurred by the assessee becomes the cost of building.
Hai...
He should keep the accounts correctly so that cost of building can be arrived. Because in book of accounts building is to be carried at cost.
Regarding Valuation it is not necessary to building valued unless required by any law. Ex. Wealth Tax
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