Treatment of stamp duty payable on registry of land
This query is : Resolved
10 December 2020
A company gets demerged and got land from the transferor. As per the scheme, the land will be transferred as book value and land has been transferred as per the scheme. While preparing the Financial Statements, registry of land could not be done and stamp duty payable on such transfer has not been shown due to non valuation of land.
As per Ind-as 16, should company treat stamp duty expenses as current liability and consequently treat it as part of Fixed assets?
As per Ind-as 16, should company treat stamp duty expenses as current liability and consequently treat it as part of Fixed assets?
26 December 2020
Yes...these expenses should be accrued while preparing Financial Statements and these would become a part of Fixed Assets.
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