SEC. 43

This query is : Resolved

Guest

Guest (Querist)

31 October 2009 WAHT IS THE VALUE OF LAND AND FURITURE WHICH IS USED EARLIAR FOR PRIVATE USE AND BROUGHT INTO BUSINESS

(I KNOW THE TREATMENT OF BUILDING)

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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01 November 2009 Cost to the assessee will be the value to be adopted in the books of business. Or if he was filing his returns reglularly then last balance sheet value should be adopted.(preferably income tax written down value).

Guest

Guest (Querist)

01 November 2009 I DID'NT UNDERSTAND?

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Rajeev

Rajeev (Expert)
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01 November 2009 Ascertain the cost of the asset then subtract the dep allowable u/s 32 for prior years , the balance wdv should be capitalised in the books .

Guest

Guest (Expert)

10 November 2009 Assets are used for private purpose, so that calculate a notional depreciation.

A Balance figure will be capitalised.