LAW Courses
LAW Courses

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Queries Participated

Sangeetha   25 August 2009 at 14:22

Land & Building seperation - Reg.

A land along with building has been purchased in the year 2005-2006 for Rs. 30Lakhs. But in books of accounts it has been accounted as Land for total purchase prise.

As per Annexure 1A issued by Registrar/Authority it has been quoted as Rs. 39Lakhs as land value and Rs. 10Lakhs as Building Value. Therefore the total municipal / govt. value of both land & building including to be Rs. 49Lakhs.

This misappropriation of booking the entire purchase value of Rs. 30Lakhs in Land has been found out by auditors in this financial year of 2008-2009.

1. My question is if the land & building value is to be apportioned, then it has to be done under what basis?

2. Will it be possible to reduce land value to that extent? Will there be any capital gains effect as per IT act or any other effect as per Companies act?

continue
Sangeetha   14 August 2008 at 10:02

Asset - Under construction in Building account and Dep. claimed

For accounting year 2006-2007 our building was in construction. the Contractor has given part invoice for building while under construction and it has been booked in Buildings account. Depreciation had been claimed last year. In this accounting year 2007-2008, balance part invoices were received and that had been booked in Asset-Under Construction account. then at later stage it will be bought to Asset - Building account. Now my question is wat has to be done for the asset considered as building last year and for the depreciation considering IT and Companies Act.

continue
Sangeetha   16 May 2008 at 07:03

TDS applicability

When Tax is to be deducted at source?

continue


Post a Suggestion for LCI Team
Post a Legal Query