Revaluation of Land & building
This query is : Resolved
24 January 2010
An assessee wants to Revalue its land & building ( Bldg constructed in Aug 2009,Cost Rs 1.5 crores, Market Value of Land & buildig arround 3 Crores)
Can the Assessee Revalue ?
What is the Accounting treatment ? How depreciation is to be charged ? and what is the Depreciation for Income Tax Purpose ?
Can the Assessee Revalue ?
What is the Accounting treatment ? How depreciation is to be charged ? and what is the Depreciation for Income Tax Purpose ?
06 April 2012
Entry will be as under:
Land & Building A/c Dr
To Revaluation Reserve
However, you will not be able to charge depreciation on the revalued amount because in Income Tax, depreciation is allowed on written down value and there is no concept of revaluation.
Land & Building A/c Dr
To Revaluation Reserve
However, you will not be able to charge depreciation on the revalued amount because in Income Tax, depreciation is allowed on written down value and there is no concept of revaluation.
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