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Cost of Investment Property as per Ind AS 40
If someone purchased a Land for Rs 20 lakh and constructed a building on it costing Rs 40 lakh, then at what amount should the assest be recognized in Balance Sheet 60 lakh or 40 lakh. And at which amount depreciation will be charged in future Rs 40 lakh or 60 lakh?
Replies (1)
Since you have purchased land and built a building over it, the balance sheet figure will be 60 lakhs. Depreciation on building only and not on land ie., 40 lakhs.
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