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?
4 Replies
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
other income concept, u r saying is applicable only for tax calculation purpose
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 22 August 2021
Yes the difference should be recognised by the buyer
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