Is residential house an investment or a fixed asset? And what about stamp duty and other registration charges? Are they to be added to the cost or expensed out?
1 Replies
Patel Dhaval
(Audit article)
(79 Points)
Replied 19 June 2012
You can show it as investment or Fixed Asset. But if you show it as Fixed Asset, you cannot claim depreciation on such asset. Besides, costs such as stamp duty, Registration Fees and other incidental costs are to be added to actual cost of asset.
Recent Topics
- Asset Declaration in ITR2
- CGST/SGST Input tax Classification in Tally Prime
- PREFERENCE SHARES - NBFC
- Vivad se vishwas scheme 2024
- List of banks for tax payments available at e-Pay
- Excess itc claimed then intrest applicable even if
- Financing for Properties and Businesses
- TAX DEMAND STILL SHOWING ON INCOME TAX PORTAL, EVE
- FORM 10 IEA IN Revised return
- ITC Eligibility on GTA
Related Threads
CAclubindia
