AS-7 or AS-2
This query is : Resolved
12 March 2009
Please tell that if an assesse is into a business of constructing house and then selling it, then for the purpose of valuation of WIP of house, would AS-7 be applied or AS-2? If you say AS-7 will be applied, then remember that it requires an agreement on the basis of which you will calculate % of completion of work, which is not available, bcoz first the assessee makes the house then sell it. If you say that AS-2 will be applied then remember that AS-2 specifically excludes valuation of contruction of buildings/houses.
13 March 2009
AS - 7 will be applied. valuation will be done on the basis of work certified. no agreement is required.
14 March 2009
Hi Devanshi thanks for your reply. Your justification seems to be correct but DLF is not valuing its WIP under AS-7 rather they are applying AS-2. So plz reconsider and reply.
you may leave reply at bhatiaraghav@yahoo.com if possible. Thanks in advance.
you may leave reply at bhatiaraghav@yahoo.com if possible. Thanks in advance.
14 March 2009
1
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