Flat Sale Recognization
This query is : Resolved
24 July 2011
Dear All,
plz give me performa of Flat Sale Recognization By Builders, & Closing Stock.
1.Land
2.Construction
3.Development Cost
plz give me performa & details.
Very Urgently required.
because my company balance Sheet finalization.
Thanks
plz give me performa of Flat Sale Recognization By Builders, & Closing Stock.
1.Land
2.Construction
3.Development Cost
plz give me performa & details.
Very Urgently required.
because my company balance Sheet finalization.
Thanks
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- RELATED TO TRIBUNAL APPEAL
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- LIC maturity claim whether taxable
- Sec 44ada applicable only or both
- Compulsory aqisation of Agriculture & Non Agriculture land are taxable or not ?
- TDS AND ITR ISSUE
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
