Regarding valuation of inherited propert
This query is : Resolved
05 January 2018
Dear Experts
Kindly clarify my doubt regarding how I can show an agricultural land being used for farming by an individual in his balance sheet.
I have been asked to prepare his balance sheet for f. Y. 2015-16 and 2016-17. The land was inherited from his father btwn 1990-1995. Now while preparing balance sheet I m not able to sort out at what value I can record this asset.
Kindly reply as soon as possible and if possible with reference to relevant sections that applies.
Kindly clarify my doubt regarding how I can show an agricultural land being used for farming by an individual in his balance sheet.
I have been asked to prepare his balance sheet for f. Y. 2015-16 and 2016-17. The land was inherited from his father btwn 1990-1995. Now while preparing balance sheet I m not able to sort out at what value I can record this asset.
Kindly reply as soon as possible and if possible with reference to relevant sections that applies.
06 January 2018
You can consider market value as on 01/04/2001 considered for capital gains calculation.
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