LAND REGISTRATION FEES
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2010
OUR COMPANY IS IN REAL ESTATE BUSINESS.WE HAVE PAID THE LAND REGISTRATION CHARGES TO FOREST DEPARTMENT. CAN YOU PLEASE TELL ME UNDER WHICH HEAD IT SHOULD BE CHARGED ???
PLEASE REPLY ITS URGENT
PLEASE REPLY ITS URGENT
26 February 2010
Nilesh Shah Replies:
I assume that you are in the business of purchasing and selling land or developing land after purchase.
The registration charges are required to be debited to registration charges a/c which at the end of the year will be debited to Profit & Loss a/c.
In the alternative, if the land purchased is a capital asset, the registration charges will be debited to land a/c & land will be an asset in the balance sheet.
I assume that you are in the business of purchasing and selling land or developing land after purchase.
The registration charges are required to be debited to registration charges a/c which at the end of the year will be debited to Profit & Loss a/c.
In the alternative, if the land purchased is a capital asset, the registration charges will be debited to land a/c & land will be an asset in the balance sheet.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- RCM INVOICING FROM NOV-2024
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
Trending Online Classes
CAclubindia
