garvit bharti (CA FINAL) (370 Points)
08 July 2014
CMA Thiru
(CA FINAL STUDENT)
(378 Points)
Replied 08 July 2014
Yes, Agro Land is Part of the Asset,
While Calaculating Capital Gain Purpose only the Agro Land is Not Asset.
CA Deepesh Ruhela
(Keen to Learn)
(3271 Points)
Replied 08 July 2014
Yes, Agro Land is Part of the Asset in the balancesheet.
CA Vipul
(Senior Auditor)
(94 Points)
Replied 08 July 2014
Yes, agriculture asset is also required in balance sheet as every asset which is held by assessee is required to be added. it doesn't have any relation with it's taxability.
S.GANESAN
(AUDIT MANAGER)
(110 Points)
Replied 08 July 2014
Yes. For acquiring the Asset you would have paid the Money. Then it is your Asset only. You should show under Fixed Assets in the Balance Sheet.
Gaurav gupta
(.......)
(26 Points)
Replied 09 July 2014
garvit bharti
(CA FINAL)
(370 Points)
Replied 09 July 2014
thanks to all for your responses......
dear all, this agriculture land was not purchased by the client ,,it was inherited 6 years ago and now it is in the name of client itself..
will it still come under assets ??
thanks
CA Deepesh Ruhela
(Keen to Learn)
(3271 Points)
Replied 09 July 2014
yes, it will be consider under asset.
garvit bharti
(CA FINAL)
(370 Points)
Replied 17 July 2014
JUST tell me one more thing guys.....
at which value should I show agricultural land in balance sheet?
should it be at circle rate at the time the land was inherited by the client or FMV as on the date of balance sheet???
pls suggest
thankss
CA Deepesh Ruhela
(Keen to Learn)
(3271 Points)
Replied 19 July 2014
CAclubindia
