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Expenses Incurred after Receiving Completion Certificate Real Estate Project

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07 August 2022 One of the clients is a real estate developer under proprietorship and the project has received completion certificate in FY 2122. In this case all the bookings have been received after the issue of completion certificate and hence no gst has been collected by the builder on the same.Till FY 2021 all the expenses related to project has been shown as WIP.

However a good amt of expenses has been made after the date of completion certificate w.r.t the project. What should be the treatment of such expenses?Should it be capitalised or treated as revenue expense?

Also what method should be followed in this case. Percentage Completion Method or Project Completion Method.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
07 August 2022 1. Revenue expenditures...
2. Percentage Completion method is preferred.
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