24 July 2011
When builder sale or ready to sale in consideration money reaceived or to be received or sale deed exceuted or Advance payt deed known as "BANA KHAT KARAR" which ever is earlier is legal date of sale of flat for builder.
possation of flat given or not will not matter unless that deed get cancelled.
-----------***-----------
Answer 2 ( About valuation of closing stock)
i) Valuation should be done on basis of work completed & certified by engineer.
ii)In that valuation you need to consider all direct cost incurred
iii) a>>> If you r developimg land which is not registered on your name or you have land under DEVELOP AGREEMNET then need to show lan in your balance sheet under curret assets untill you sale flat.
b>>> orelse in other case If you are owner of land then you need to show it in your closing stock only if flat is CONSTRUCTED & READY TO SALE, orelse you need not to take it in valuation.
CAclubindia
