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Accounting of plot purchased for personal purpose

Shreya solanki (CA) (57 Points)

15 August 2021

At what value a plot is recorded in balance sheet? purchased price or stemp duty value?

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CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 15 August 2021

Purchase price

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Shreya solanki (CA) (57 Points)
Replied 16 August 2021

Thank you.. if my purchase price is less than SDV and difference is more than Rs.50000/- then do I need to book difference amt as other income in P& L account????

Nidhi (Chief Accountant) (3150 Points)
Replied 17 August 2021

In book of account, it's recorded at purchase price only.
other income concept, u r saying is applicable only for tax calculation purpose

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CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 22 August 2021

Yes the difference should be recognised by the buyer

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Accounting of plot purchased for personal purpose

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