Is property an asset or liability?

Answer 1

Asset: It is a resource controlled by the entity with the future economic benefit flowing to the entity as a result of past transaction.

Answer 2

Suppose if you have a house and you are paying it then it cannot be asset because it is taking out of your money and not giving money and that is liability.

Answer 3

Property is that part which is utilizable in future for generating profit of business that's why it is an asset of business.