Profit calculation incase of builder
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 February 2013
Incase of a builder, the assessee sold built-up flats to customers and accounted for actual sales consideration in the books of accounts instead of registry amounts which are on very lower side. Whether the difference between actual sales consideration & registry amount is profit for the builder or not?
CA PARAS BAFNA
(Expert)
26 February 2013
In case the correct sales consideration has
been recorded in the books, then profit shown by the books will be taken as the profit of builder.
.
been recorded in the books, then profit shown by the books will be taken as the profit of builder.
.
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