Naveen
(student)
24 March 2021
There are many differences. But let's see the main difference here. Let's assume u own a building and u want to give on rent.
Commercial property is any property used for business purposes. For example, if u rented ur building to any business people to carry out their business activities then ur property will be called as commercial property. And u will get rent from them.
Residential property is any property used to live or reside by any living person in the property. In other words, not used for business purposes. For example, if ur building is rented to any family or bachelors, then it is residential property. And here also u will get rent. And if u urself want to live in it, then also it is residential property.
As far as balance sheet is concerned, if u can show both as assets
CAclubindia
