sale of part of building, Income Tax

[PARVEEN ARORA]

Dear All,

Kindly guide me on issue on  sale of 1 Floor out of  4 Floors in a building by a construction company.

actually want to know about both issue : 

1) if land is purchased by construction company , it build 4 Floor building and sold out 1 floor .

2) if 4 floor finished building was purchased  by construction company and sold 1 floor from it.

How to calculate the closing stock for the company

Kindly oblige

Posts / Replies

[CA GOPALJI AGRAWAL]

You have to apportion the cost in both cases by approved valuation engineers.