DETERMINATION OF BUSINESS PROFIT IN PROPERTY BUSINESS - Sold parts attract taxable income even if entire project is not yet complete , cost or market value whichever is less should be adopted for stock-in-trade at year end.

DETERMINATION OF BUSINESS PROFIT IN PROPERTY BUSINESS - Sold parts attract taxable income even if entire project is not yet complete , cost or market value whichever is less should be adopted for stock-in-trade at year end. https://www.taxtmi.com/article/detailed?id=288 Completed and marketable individual units in a property development project may be treated as independent projects for computing taxable income; when possession is handed over and consideration received, proportionate profit attributable to that unit must be recognised in the relevant year. Stock-in-trade (work-in-progress) must be valued at cost or realizable market value, whichever is lower, with common costs allocated to units and reasonable provisions made for outstanding obligations. en-us Mon, 16 Feb 2009 00:00:00 +0530 Mon, 16 Feb 2009 08:48:42 +0530 TaxTMI RSS Generator DETERMINATION OF BUSINESS PROFIT IN PROPERTY BUSINESS - Sold parts attract taxable income even if entire project is not yet complete , cost or market value whichever is less should be adopted for stock-in-trade at year end. https://www.taxtmi.com/article/detailed?id=288 Completed and marketable individual units in a property development project may be treated as independent projects for computing taxable income; when possession is handed over and consideration received, proportionate profit attributable to that unit must be recognised in the relevant year. Stock-in-trade (work-in-progress) must be valued at cost or realizable market value, whichever is lower, with common costs allocated to units and reasonable provisions made for outstanding obligations. Articles Income Tax Mon, 16 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=288