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?
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?
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.
V.K. Ranjan & Co(Chartered Accountants)
New Delhi
B.Com
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