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Section 43ca

This query is : Resolved 
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(Querist)
19 July 2014 A Pvt Ltd is a construction company. Customer Mr.C has booked a flat in the financial year 2008-09 and a part consideration is also received in cheque. The flat is registered in the F.Y.: 2013-14, whether section 43CA of the Act is applicable?

A Pvt Ltd is following percentage completion method. Building is still underconstruction. Whether taxability deemed to be income in year of agreement / registration of agreement OR still can be said to be taxable only as per the method of accounting followed?

Please reply.
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Soumitra Basu

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Soumitra Basu (Expert)
20 July 2014 YES, SECTION 43CA IS APPLICABLE.
TAXABILITY IS AT THE TIME OF SALE.
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Soumitra Basu

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Soumitra Basu (Expert)
20 July 2014 YES, SECTION 43CA IS APPLICABLE.
TAXABILITY IS AT THE TIME OF SALE.
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