Sale of cwip
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 April 2013
Hi,
As we all know after completion of Project we transfer cost from CWIP to Respective Asset head.
what if before completion of that project I sale it from CWIP?
will it consider as Normal Sale?
or
Sale of Fixed Assets
Can anyone tell me exact accounting treatment for this?
Thank you.
As we all know after completion of Project we transfer cost from CWIP to Respective Asset head.
what if before completion of that project I sale it from CWIP?
will it consider as Normal Sale?
or
Sale of Fixed Assets
Can anyone tell me exact accounting treatment for this?
Thank you.
25 April 2013
even in this case, you have to transfer from CWIP to asset account where the name of asset will be different.
19 May 2013
You cannot sale CWIP it can be transferred. If your are transferring CWIP then total consideration minus the cost is to be treated as business income. But after completion of the project you are selling this then it is always better to capitalize CWIP to various assets and then sale the assets and not CWIP
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
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Taxable or Tax exempt
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- ITDS U/S.194T of Firm
- Eway bill not cancelled within 24 hous what can be due
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- TDS Return Q1 FY 2026-27
- DIN reactivation
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
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
