Our Co is having a land at pune bought in 2008, and the same was grouped under fixed assets. now co is planing to move into realestate business construct flats and sales of them.
Whether LAND should be converted into stock, if project completion method still is it compulsory to convert land into stock, or land can be converted at the time of booking of revenue under project completion method.
Land Can be Converted into Stock subject to applicability of Capital Gain................
My question whether it is compulsary to convert land into stock for real estate co.
Yes, I think So, It is compusory to convert in stock becuase in future sale can be done only from stock in process...not individualy in land & material expenses........
CAclubindia
