Accounting of real estate developers

This query is : Resolved

vikash thakur (Querist)
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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

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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.

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