Builder
This query is : Resolved
aman sharma
(Querist)
09 December 2011
a person is in habit of investing in land, constrcting a building on same and selling it for a handsome profit. now he wants to establish his business as a builder. will his profits be taxable under haed capital gains or pgbp.what will be the treatment of construction expenses? what special points will he have to keep in mind regarding book-keeping(accounts) and income tax.
CA MANOJ GUPTA
(Expert)
10 December 2011
tHE INCOME WILL B COMPUTED UNDER PGBP. CONT EXP WILL BE ALLOWED SUBJECT TO DISALLOWANCE PROVISIONS CONTAINED IN SECTION 40 40A 43B
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