tax on revaluation
This query is : Resolved
25 August 2009
whether income tax will be paid on revaluation of land in a ltd company. it its value increases from 100 lacs to 200 lacs.and what will be its effect on its sale time.
Thanks in advance
Thanks in advance
25 August 2009
a
25 August 2009
Not taxable as only revalutation not sale, and not credit to p & l a/c but to revaluation reserve a/c. No deduction of revaluation allowed
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25 August 2009
Hmm.. Correct
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