Ritesh khurana (CA student) (175 Points)
16 January 2012hello
an individual purchased a flat . agreement show that Rs 80 lakh for flat and Rs 20 lakh for furniture in flats
can we take the cost of flat is 100 lakh (including the value of furniture )
or
Both flat and furniture should be shown separtely (as it is more beneficial from IT point )
Thanks
CA Sunil Kumar Parjapati
(ACA Senior Manager- Accounts & Finance)
(224 Points)
Replied 16 January 2012
hi ,
Both flat and furniture will be shown separetly .
CA.Praveen Ponnappa
(CA PRactice)
(128 Points)
Replied 16 January 2012
Flat & furniture are seperate assets it should be shown seperately unless it is inseperable from the building. Furniture is a personal effect(movable property) as per sec 2(14) which is not a capital asset.
valji
(Accounts manager-MBA)
(2150 Points)
Replied 16 January 2012
agreee with pravin furniture is personal assets
CAclubindia
