if any assesse construct any building (for business or self occupation), is it necessary to maintain building construction accounts ? and value that building with registered valuer?
3 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 09 September 2011
Yes. he should maintain a proper account so that the Building can be valued correctly.
Regards,
Devendra K
CA Ankur Goel
(sr. executive)
(133 Points)
Replied 10 September 2011
There is no need to value the building with registered valuer.
The cost incurred by the assessee becomes the cost of building.
Dhanabal Ramasamy
(CHARTERED ACCOUNTANT)
(105 Points)
Replied 10 September 2011
Hai...
He should keep the accounts correctly so that cost of building can be arrived. Because in book of accounts building is to be carried at cost.
Regarding Valuation it is not necessary to building valued unless required by any law. Ex. Wealth Tax
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