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Issue ID: 527
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Clarification on gross receipts

Date 10 Sep 2007
Replies2 Replies
Views 1075 Views
Asked by
Gross receipts inclusion for real estate agents: receipts from purchasers of subdivided plots regarded as agent gross receipts.
Whether gross receipts of real estate agents include all amounts received from purchasers when an agent acquires a large plot, subdivides it into small plots and registers those plots directly in the purchasers' names; the forum records a clarification request and an affirmative reply that such receipts include all moneys received from purchasers. (AI Summary)

Gross receipt for realestate agents,when they are taking big plot of lands through agreement & registering it directly in the name of purchaser by dividing it into small plots.

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Replied on Sep 13, 2007
1. What is the query?
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Replied on Sep 14, 2007
2. Gross receipt of the Realstate agents included all the money they receipt from the purchaser of small plots
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