Recording of fixed aaset
This query is : Resolved
25 December 2017
If a plot is purchased and then construction is done on that, then how it will be recorded in books of accounts, whether plot amount will go in land and construction amount in building or both amounts will be recorded in house property head for income tax purpose
26 December 2017
If the construction has not completed, then it can be shown as Capital Work In Progress. If construction is completed then it would be appropriate to segregate the land and building.
There is no depreciation on the land, depreciation is available only in respect of building and for this purpose, it is essential to identify both of them separately.
There is no depreciation on the land, depreciation is available only in respect of building and for this purpose, it is essential to identify both of them separately.
26 December 2017
As per Explanation 5 to Section 32, it is mandatory to claim the depreciation.
26 December 2017
but it is not used in business, that property is let out property
26 December 2017
57. The income chargeable under the head "Income from other sources" shall be computed after making the following deductions, namely:—
(ii) in the case of income of the nature referred to in clauses (ii) and (iii) of sub-section (2) of section 56, deductions, so far as may be, in accordance with the provisions of sub-clause (ii) of clause (a) and clause (c) of section 30, section 31 and sub-sections (1) and (2) of section 32 and subject to the provisions of section 38 ;
Yet again, mandatory.
(ii) in the case of income of the nature referred to in clauses (ii) and (iii) of sub-section (2) of section 56, deductions, so far as may be, in accordance with the provisions of sub-clause (ii) of clause (a) and clause (c) of section 30, section 31 and sub-sections (1) and (2) of section 32 and subject to the provisions of section 38 ;
Yet again, mandatory.
Message likes :
2 times
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?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
