Real Estate - Expenses

This query is : Resolved

Himanshu (Querist)
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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?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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09 July 2023 Yes, the expenses are debited under Work In Progress, and credited whenever any sales made.

Himanshu

Himanshu (Querist)
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09 July 2023 Thank you...
That's helpful

Message likes : 1 times

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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09 July 2023 My Pleasure.

Himanshu

Himanshu (Querist)
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10 July 2023 Can I claim that expense in the same financial year instead of parking that under WIP [Assets]?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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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