02 April 2008
A ltd. Purchase Commercial Plot on 1.4.1995 for Rs. 35.00 Lacs and start construction of complex 1.4.2006 40 Units in Complex. 10 units booked on 10.4.2006 @10 lacs and receiving 10% for shop booking. Receiving 50% upto 31.3.2007 Following Exp made up to 31.3.2007 Land 35.00 Lacs Const Cost 102.00 Lacs Administrative Exp. 25 Lacs Intererst 30 Lacs
Find Income from business and treatment under AS-7, AS-9, AS-16
PLEASE also point out whether service tax, Works Contract tax applicable on above transaction, what rate of tax charge
Next year project is complete and only 10 units are sold remaining are letout on rent and cost incurred 200 lacs, land 35 lacs, interest 50 lacs, adm exp 20 lacs
Find Income from business and treatment under AS-7, AS-9, AS-16
CAclubindia
