Query about Property Broker/Investor
This query is : Resolved
Girish Bakhtyar
(Querist)
02 November 2010
Dear Sir, I have client who deals in property as main business, shall i treat the property purchased as purchase, unsold property as stock or shall i treat it as fixed assets...? & Whether in both the cases can he purchase property of any amt in cash..?
28 November 2010
If the main business is purchase/sale of property, then you have to show the property as purchased, unsold property as stock. You can the property as fixed asset but only those property which your client is using for his business purpose. No, I wont advise your client to purchase property in cash.
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Employee secondment
- IMS (import of goods) ITC related
- TDS- 2026-27 Q1 Correction
- Advances to related party
- Rent agreement of House of deceased person
- LLP audit and disclosure
- Capital Gains Tax on Inherited Mutual Fund
- GSTR9 Annual Return
- Applicability of tax on invoice
- Ito add credit side of bank
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
