Properties held as stick in trade
This query is : Resolved
10 June 2009
One of our clients business is to buy and sell land and properties, flats etc.
Accordingly properties of which possession has been acquired will be shown as stock in trade under current assets. but what abt those properties which are still in construction and possession has not yet been acquired ?
will it be shown as capital Wip under fixed asset ? but it is not fixed asset.
kindly help me
Accordingly properties of which possession has been acquired will be shown as stock in trade under current assets. but what abt those properties which are still in construction and possession has not yet been acquired ?
will it be shown as capital Wip under fixed asset ? but it is not fixed asset.
kindly help me
10 June 2009
That will be Capital work in progress
11 June 2009
Until possession is not complete, payments will be shown as advances recoverable in cash or kind.
Review may be required for accounting of properties in stock, when possession is taken.
Review may be required for accounting of properties in stock, when possession is taken.
11 June 2009
It is to be shown under "Construction Work in Progress" under Current Assets.
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
