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builder &contractor

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(Querist)
30 May 2008 i purchae a land of rs 500000/- during the year for cunstrction of building for business purpose but during the year receipts are received rs 10 lakhs & total work is completed of rs 50 lakhs is equles to 25% of the project cost receipt is less than 40 lakhs tax audit is applicable or not
wheter land is transferred to p & l a/c by % wise or total cost
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Deepak

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Deepak (Expert)
30 May 2008 Hi Hemant
I think if physical work completion can be measured reliably then as per % comletion method revenue can be recognised % wise, i.e., 25% in ur case. accordingly tax audit is applicable. Land cost has to be recognised(calculate land cost of area utilised for construction instead of % of work completed) as well to calculate cost.
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