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Is your personal house an asset ?

CA Buddies (53 Points)

15 May 2020

Is your personal house an asset ?

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CA Harshali Salvi (Expert) (192 Points)
Replied 15 May 2020

Yes. if registry is on ur own name

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Hariom Viradiya (182 Points)
Replied 15 May 2020

From accounting perspective :- yes it would be an asset if only you have control over it (there can be joint control with family members)

From a financial perspective :- it would be a waste asset because it does not give you cash inflow unless you rent it or sell it

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sabyasachi mukherjee (27274 Points)
Replied 19 May 2020

Harshali

Its revenue recognition.

House is an asset.
since there is capital appreciation it is termed as a capital asset.

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