Accounting of real estate developers
This query is : Resolved
vikash thakur
(Querist)
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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Missed uploading GST Invoice
- Movement of goods by packers and movers - type of sale - Reg.
- Query on effect of registration of property
- Due date for filing return for the partner in partnership subjected to Tax Audit
- GST on reimbursement of expenses
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Wrong CMPo8 file
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
