ONE OF MY CLIENT WHOS BUILDER BY PROFFESSION HAD START ONE PROJECT IN FY 2012-13. THERE WAS ONLY CONSTRUCTION IN THE YEAR 12-13 , SO QUESTION OF SALE DOES NOT ARISE. MY QUESTION SI THAT , SINCE THERE IS NO SALES AND NO PROFIT , CAN WE CHARGE INTEREST ON PARTNERS CAPITAL @ 12 % AND ADD FOR CLOSING WIP ALONG WITH OTHER CONSTRUCTION COST?
OR PROFIT IS MUST TO TAKE INTEREST CHARGING PROVISION ON PARTNERS CAPITAL ?
PLEASE RESOLVE MY THIS QUARRY
CAclubindia
