30 October 2012
Can anyone please tell what will be the accounting treatment if land is purchased/sold near the Indian border? Which accouting standard will be applied?
11 November 2012
The land is to be classified in two categories i.e Agricultural and Non Agricultural. It does not matter where the land is situated. The profit or loss on sale of the land is again it has two aspects i.e Long Term or Short term. If you sale and capital gain is derived it is to be treated accordingly
CAclubindia
