Where to debit incase of selling a CWIP before capitaliztion, what will be the treatment if loss of gain accures? How loss will be treated (to P&L account?), gain can be considered as capital Gain?
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WIP sold before capitalization
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any expert can reply pls.
IN my opinion inventory does not come under under the preview of Capital gains, if you earn any profit by selling WIP it should be taxed under PGBP head only......its loss/profit should also be treated as trading P/L
| Originally posted by :CA Sunny Sharma | ||
| " | IN my opinion inventory does not come under under the preview of Capital gains, if you earn any profit by selling WIP it should be taxed under PGBP head only......its loss/profit should also be treated as trading P/L | " |
Sir, I Was asking for CWIP not WIP of inventory, can I get details for my query?
If the final product of CWIP is the the product in which company trades then answer will be same i.e taxable under PGBP but if it is not the case then it is a capital gain/ loss dos not matter it is a CWIP of actually contructed or capitlized good.
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