Real Estate - Expenses
This query is : Resolved
09 July 2023
I am in to the business of real estate where I have purchased some acres of lands and have only registered the deal with the government [both seller & buyer signed the agreement & submitted in the court] but registry has not yet been transferred under my name?
Is there any way I can claim this purchase expense during the financial year?
Is there any way I can claim this purchase expense during the financial year?
09 July 2023
Yes, the expenses are debited under Work In Progress, and credited whenever any sales made.
09 July 2023
My Pleasure.
10 July 2023
Can I claim that expense in the same financial year instead of parking that under WIP [Assets]?
10 July 2023
If related to constructing building/units which are for sale, you have to park it under WIP, but other general expenses can be claimed in same FY.
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