Statutory implications for construction business contract

when can we recognise revenue in construction business. How do we treat advance received for booking residential unit yet to construct and sale consideration after completion of units and how to treat transaction pertaining to joint development agreement and implications under IT, GST and RERA
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Quick Summary
This discussion explores the statutory implications for construction business contracts, focusing on when revenue can be recognised. It covers the treatment of advance payments for unbuilt residential units, sale considerations post-completion, and transactions under joint development agreements. Key implications under Income Tax, GST, and RERA are also examined.

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