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 ?
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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