Residential house as fixed asset

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Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2014 Can residential house be describe as fixed asset in balance sheet, where assessee is individual.?

Sanket

Sanket (Expert)
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27 February 2014 yes you can describe it at a cost price.

Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2014 then could we also describe TV, fridge, washing machine etc?

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Sanket

Sanket (Expert)
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27 February 2014 Yes you can also include Vehicle Furniture etc.

Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2014 Could you give me reference link, that under which act, an individual can include housing material as fixed asset in business balance sheet, which will be use for filing of Income tax return.

Thanks in advance.

Sanket

Sanket (Expert)
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27 February 2014 Dear Friend I am talking about house itself not about housing material.

For the reference... let me find it.
however its a general practice to describe a house in fixed asset. :)