Inclusion of land in Working of cost of the real estate ...

Avoid Including Land Costs in Real Estate Completion Calculations for Accurate Project Progress Assessment.

August 31, 2019

Case Laws Income Tax AT

Inclusion of land in Working of cost of the real estate development project - if the cost of land is included in the percentage of the project completion, then it would show that the project has been substantially completed say, to the extent of 50-60% at the beginning itself - Hence, for working out percentage of completion, land value should not be included - directed to accept percentage of work as determined by the assessee

View Source

← Previous Next →

Inclusion of land in Working of cost of the real estate ...

Avoid Including Land Costs in Real Estate Completion Calculations for Accurate Project Progress Assessment.

August 31, 2019

Case Laws Income Tax AT

You may also like:

Determination of correct profits - percentage completion method - real estate development - when a stage is arrived that risk and rewards shift from the developer to...

IBBI amended Corporate Insolvency Resolution Process regulations introducing key changes for real estate projects and large creditor classes. Resolution professionals...

CIRP - Completion of Real estate project during the Proceedings - Appellant filed an application seeking permission for unsecured and secured financial creditors to vote...

U.P. RERA - Refund of the investment made along with interest to allottees under Section 31 of of The Real Estate(Regulation and Development) Act, 2016 and The Uttar...

Application of percentage completion method for computation of profit real-estate business – a ratio of the basic cost (total) to the other (total) costs (for the...

Determination of income - The Tribunal agreed with the Ld. CIT(A)'s finding that the assessee, a real estate developer, has consistently followed the Project Completion...

Initiation of CIRP - All the projects of Corporate Debtor (Real Estate developer i.e Supertech Ltd.) or specified project to be proceeded against - In ‘CIRP’ Process,...

Benefit of Exemption from GST - affordable housing - The project referred to in the instant application which is currently under construction by the applicant is a...

Rate of GST - construction and sale of villas - From the definition of the term “apartment”; “residential apartment” “real estate project” and “promoter”, it is clear...

Disallowance of proportionate interest expenditure - capital attributable to project ‘B’ i.e. unfinished project - This interest expenditure disallowed was not related...

Classification of services - Real estate agent services or not - it is not merely the real estate consultant but any person who facilitates getting any property /real...

Capitalization of land for project expenses - Since, land was in pursuant to JDA and assessee has not paid any consideration for land, the question of capitalization of...

IBBI amended regulations for corporate insolvency resolution process introducing key changes effective February 2025. New provisions mandate resolution professionals to...

GST rates on supply of affordable and non-affordable residential apartments in a real estate project (REP) are 1.5% and 7.5% respectively, while commercial apartments...

Taxability - Real Estate Agent Service - the service rendered in relation to agriculture is excluded from the scope of Section 65 (97a) - the service rendered by the...

Quick Updates: