CA Sansaar
- All Categories
- Income Tax (1616)
- Students (768)
- Service Tax (497)
- Corporate Law (462)
- Audit (393)
- Accounts (336)
- VAT (277)
- GST (136)
- Finance (110)
- Excise (106)
- Banking (46)
- FEMA (40)
- Custom (29)
- Shares & Stock (18)
- IFRS (17)
- Income Tax Software (4)
- Cost Inflation Index (1)
Recent
- What Documents Are Required for ITR Filing?
- How to File Income Tax Return Online?
- Managing personal finance
- Managing personal finance
- How can beginners start managing their personal finances effectively?
- How can beginners start managing their personal finances effectively?
- How can beginners start managing their personal finances effectively?
- What is Union Budget 2026-27?
- Test
- 26QB Challan
- Cash amount deposit in bank account as on dt:31-03-24
- branch statutory Audit
- Tax Liability on payment of Gratuity
- Using the work orders of another entity
- Capitalisation of Assets in case of housing society
- GSTR 9 ITC Reversal
- Reissue Refund of Closed Partnership Firm
- section 43B(h)
- TCS os sale of Fly Ash
- Limit of cash on hand sec 44ad person
- STATUTORY AUDIT
- Long term capital gain
- Un secured loans hug amount sec 68 provision applicable
- Resume Upload
- Cash balance increased options
- FOREX FFMC GSTR-1
- missing turnover show in next quater or drc-03 pay correct procedure
- Banking
- Gift transactions from relatives allowed different dates
- TALLY EXCEL IMPORT
- Income Tax
- Empanelment ewnewal fees
- Tax Audit in case of Pvt. Ltd. Company
- ITC from ISD wrongly reflecting in System generated annual GSTR 3B
- Pf and esi subscription amounts late payments claim eligible and provision compulsory
- GST Applicability
- Loans credit and debit adjustment entry allowed in it act
- Tax audit or itr-3 filed f.y.22-23
- Gst returns nil filed cash deposit in bank account
- Cash limit question
Q. > Please Help: ACCOUNTING
A limited company holding immovable property ( Plot ) as INVESTMENT valued at RS 1 crore (cost ) , In the FY 2012-13, CONVERETED INTO STOCK IN TRADE and FMV ( Fair Market Value ) is Rs 10 crore.
1. AS per Income Tax Treatment- Section 45(2) shall apply .
2. For accounting : How to reflect difference of RS 9 crore ( inconsistent with Accounting Standard -2) , Revaluation reserve seems to be inappropriate as the same is not fixed assets and intention is to trade / sale and amortized Rs 9 crore through profiit & loss account based on the respective year sale.
3. Can it shown as " UNREALISED GAIN " and directly credit to Reserve & Surplus ( not available for distribution ). If yes , whether the provision of section 15 JB Shall apply . In my understanding , book profit is not required any adjustment on account of unrealized gain or loss , it is only taxability under income tax provision.
answered Sep 19, 2013 by Vaneet Gupta , Delhi
Will stand in books at 1 crore till the point of sale.
Its only at the time of sale profit will be recoganised.
Experts Panelist
Comments