Question

Investments in immovable properties are to be shown under
a) Fixed assets
(b) Currency assets
(c) Current Investments for Long-term Investments​

Answer 1

Answer:

opition (A).pls follow me and mark me brainliest. thanks

Answer 2

The correct answer is option (a) Fixed Assets.

Explanation:

• Investments in immovable properties are to be shown under Fixed Assets.
• “Immovable Property includes land, building, hereditary allowances, rights to ways, lights, ferries, fisheries or any other benefit to arise out of the land, and things attached to the earth or permanently fastened to anything which in turn is attached to the earth except standing timber, growing crops nor grass”.
• Immovable properties i.e. plot of land, residential flats or house, commercial properties etc. are treated as Capital Assets u/s 2(14) of the Income-tax Act, 1961 ('the Act') and accordingly gains arising from the transfer of immovable property is chargeable to income tax.