Hi
My question is what will be the head under which we will show the property (flat) for a Realty company at the end of financial year in Balance Sheet ?
Thanks in advance.
Mayank Kapoor (.) (159 Points)
24 March 2012Hi
My question is what will be the head under which we will show the property (flat) for a Realty company at the end of financial year in Balance Sheet ?
Thanks in advance.
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 24 March 2012
If the property is being used for the purpose of carrying business, thne it shud be shown under the head Fixed Assets. If it is used for generating income, thne it shud be shown under the head Investments. If the organization is carrying on the business of realty then it should be shown as inventory.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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