Property Value in BalanceSheet

Siddharth Mane (Tax Consultant) (209 Points)

04 December 2020  

The value of Residential Flat in BalanceSheet is value of Flat purchased in 1965. My client wants the Flat value as per current market price so the Balance Sheet will become heavyweight due to increased value of Asset and it will be good to get CC/OD from bank. No depreciation is shown for this Asset. Is it possible to put flat value in the BalanceSheet as per current price. Will this attract any Tax liability, pl advice guys.