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Income from Business.

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(Querist)
29 November 2010 What would be the treatment as per IncomeTax Act for the below mentioned case:

1.A is in business of Construction of apartments & selling the same.A & his wife both own the land under joint ownership.There is no partnership firm in existence.How do i treat the Income Received from the sale of Apartment in the books of A.
Please guide & thanks in advance.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
29 November 2010 Roopa, It is not clear that joint ownership of land with whom. who is other one. Who is selling the apartment with land. please write the more details. Income tax is not concerned with accounting treatment. Business entity has to prepare books of accounts, and as per this profit should be true and fair.
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NITIN SHARMA

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NITIN SHARMA (Expert)
01 December 2010 A who is in the selling an construction business can claim the cost of land as direct expenses. The value of land can be decide betwween the parties but it will not be less then circle rate or the rate precscribed as per the stamp duty act.
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