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TAXATION for Project Completion Method
We are Builders and developers, we follow Project Completion Method for taxation, the current project is mixed ( Res + Commercial), we have received OC for the commercial portion and all the commercial shops have been sold. what are the tax implications, should we recognise commercial portion as Income? how to derive the cost for the same?
Replies (3)
Definitely Income related to Commercial Premises needs to be recognized as Income from taxation perspective however the Income accrued on residential premise shall also be considered for Taxation perspective.
Actual cost incurred till date shall be considered for Taxation purpose .
Agreed
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