banner_ad

Accounting treatment for construction partnership firm

This query is : Resolved 
Profile Image

Profile Image

(Querist)
26 February 2014 The assessee and his friend purchased 2 plots in 2010 & 2012, respectively and started a Partnership Firm for Construction on said plots. In 2013 the construction is completed and they sell the 24 flats constructed on the said plots. Now how accounting is made for said transaction? How profits should be booked and Is there any Capital gain involve after sale of Flats?
Profile Image

CA Parul Saxena

Profile Image

CA Parul Saxena (Expert)
26 February 2014 there can be either capital gain or business income. If intention is to further carry on the same business then treat it as business income otherwise compute capital gain.
Profile Image

CS,CA F,Numrologi TusharSampat

Profile Image

CS,CA F,Numrologi TusharSampat (Expert)
26 February 2014 if it was construction business then business income shall be computed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
ARTICLESHIP 04 June 2026
Article

Rakhecha & Co.

New Delhi

CA Inter

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details