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
(27734 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.
Recent Topics
- Depreciation rate software
- NEW GST REGISTRATION - CO WORKING AND VIRTUAL P
- Query regarding place of business in GST registrat
- GST on Plot Sale
- TDS return submitted, but neither rejected nor acc
- Trade payables
- NSDL DEMAT- Annual Custody Fees
- Claiming Rent Expenses Invoiced Late Due to Vendor
- Discount and Outward freight on Sale GST RCM
- Income from debt mutual funds in ITR4
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
