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Tax on advance given and amt recd against such adv

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 May 2013 Construction company following project completion method has acquired land for project and has classified land cost as well as incidental expenses incurred for the same under work in progress . now if such land is sold how is the gain to be treated
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TKKKKKK

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TKKKKKK (Expert)
17 May 2013 gain should be treated in the head of profit and gain form business and profession head. follow accounting standards while calculating profit by completion method.
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