we have extra industrial land in pvt ltd manufactring comany we create revaluation reserves and same assets sold during the year. this is done for remain boof profit of company to lower side.
Menu
Create revaluation reserve for assets sold during the yr
Replies (1)
Hello Mr. Jain,
By revaluing your land, you will not be able to increase the value of land from the tax prospective. For the Income tax purpose the land will be valued at cost only & not on revalued amount, there by the profit on sale of land will be determined on sale value less original cost of land & not revalued amount.
Yes, you can definately get the benefit of indexation on the original cost of land provided land is possessed by you for the period of more than 3 years from the date of sale of land.
Recent Topic
- Inverted tax gst refund
- Mismatch of pincode and district while registering
- Total income less than 12 lakhs but after processi
- Is Getsvision Solutions right for SMTP bulk email
- Queries on Stock/ETF gifting.
- Adding bank account for the deceased for ITR refun
- SALE OF EQUITY ON THE LAST DAY OF THE FY 2024-25 N
- Which ITR form
- Form 103 id delayed for submission for more than 1
- Composition scheme
Related Topics
CAclubindia
