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

CA PARAS BAFNA (Expert)
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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.
.

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