Is your personal house an asset ?
CA Buddies (53 Points)
15 May 2020
Is your personal house an asset ?
3 Replies
Hariom Viradiya
(182 Points)
Replied 15 May 2020
From accounting perspective :- yes it would be an asset if only you have control over it (there can be joint control with family members)
From a financial perspective :- it would be a waste asset because it does not give you cash inflow unless you rent it or sell it
From a financial perspective :- it would be a waste asset because it does not give you cash inflow unless you rent it or sell it
sabyasachi mukherjee
(27803 Points)
Replied 19 May 2020
Harshali
Its revenue recognition.
House is an asset.
since there is capital appreciation it is termed as a capital asset.
Its revenue recognition.
House is an asset.
since there is capital appreciation it is termed as a capital asset.
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