Accounting of real estate developers
This query is : Resolved
20 July 2013
sir,
I am a private Company and engage in Construction of flat for himself,
I purchase land and start construction building, but project continued continuously for 5 years and after 5 year my turnover being 100 crores,
1) is during first 4 years my material cost gone under fixed assets or under investment or under p&l and carry forward loss in computation?
2) IN 5th year, Is i liable to pay taxes on 100 Crors
I am a private Company and engage in Construction of flat for himself,
I purchase land and start construction building, but project continued continuously for 5 years and after 5 year my turnover being 100 crores,
1) is during first 4 years my material cost gone under fixed assets or under investment or under p&l and carry forward loss in computation?
2) IN 5th year, Is i liable to pay taxes on 100 Crors
20 July 2013
1)
in last4 year it was your capital work in progress and now its your fixed assets.
2) if your turnover is 100 crore then u need to pay tax.
in last4 year it was your capital work in progress and now its your fixed assets.
2) if your turnover is 100 crore then u need to pay tax.
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