Treatment of land purchased

for the persons who are into the business of property developments, land will be considered as only inventory and it all the construction works will be shown as work in progress till you receive completion certificate or occupancy certificate from the local authority/.

regards

prem 

9884343669

booking amount will be shown as advance in books and GST payable based on the advance amount / progress bill issued to client. 

income to be recognized based on project construction cost completion method.

you can refer to annual reports of big builders like raheja, lodha etc., 

regards

prem

9884343669