Small clarification

649 views 4 replies

Hi friends...

pls do clarify this small doubt..

 

land purchased on sep 2002 for rs.185000/-

house property constructed on 2010 for say rs.40 lacs.

Income tax return is filed for the assessee for the past 5 years but no mention about the land in his balance sheet..

now we want to bring it into the accounts. So what value we need to take. whether cost inflation index need to be considered and accordingly rs.988985/- will be the value of land????

 

pls give me some ideas as how to deal with this situation...:):)

Replies (4)

AS PER MY KNOWLEDGE IF U WANT TO BRING LAND IN YOUR BOOKS OF ACCOUNTS, THAN THE COST WILL BE TAKEN AS ON DATE WHICH YOU BRING LAND IN TO YOUR BOOKS OF ACCOUNTS EVEN IT IS PURCHASED BEFORE.

WAIT FOR EXPERT'S COMMENTS...

It will be taken at cost only in the balance sheet ie 18.5 lakh

As per IFRS there will be valuation and taken at actual current cost but its not applicable

waise how come u have not taken it in accounts b/s match kaise kar gae bank cr ho raha hai and nothing is dr?

 

Plz correct me if i am wrong

Sorry Varun, I don know Hindi.. Can you ask me in English?

Our client does not come under tax audit (sec 44AB). So he don maintain books...

so there was no argument between bank a/c and etc.,..

I guess you  are asking about it rite!!!

yah i mean that only .

so u just record at book value ie 18.5 lakh no problem in that

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