Regarding valuation of inherited propert
This query is : Resolved
Satyam Kesarwani
(Querist)
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.
CA R SEETHARAMAN
(Expert)
06 January 2018
You can consider market value as on 01/04/2001 considered for capital gains calculation.
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