Booking of under construction property
This query is : Resolved
16 July 2020
I have bought an under construction flat from builder.
date of allotment letter is 1.4.19
sale agreement is on 1.7.19
Registry date 1.7.20
on which date shall I book this property? and how all the payments made so far to be treated? before which date all payments are advances and after which date builder becomes creditor/liability.
date of allotment letter is 1.4.19
sale agreement is on 1.7.19
Registry date 1.7.20
on which date shall I book this property? and how all the payments made so far to be treated? before which date all payments are advances and after which date builder becomes creditor/liability.
16 July 2020
All payments made upto registry date will be advances. After registration builder become creditor.
16 July 2020
ok means on date of registry will book this property as asset in my books right?
but for captial gain cost of acquisition will be the allotment date, right?
but for captial gain cost of acquisition will be the allotment date, right?
16 July 2020
Yes, book it on registry date in the books of accounts. Consider allotment date for capital gains.
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