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Q. > Please Help: builder & developers
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503 views • Question added Aug 12, 2014 • Accounts • By JUZAR M GODHRAWALA , CA , Dahod


on of my client who is builder & developers has obtained PAN card on 2/5/2014 and started bank account on the basis of nondhni nu pramanpatra from nagarpalika and started purchase of materials from nov 2013.... so as I can file income tax return from A.Y 2015-16 but as to 31/3/2014 he had incurred expenses for material of Rs. 2000000/- so how can I claim those expenses in P.Y 2014-15?????

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Nitesh Avadhiya

13-Aug-2014 , 10:29:44 am

You should transfer all expense incurred during the period to Work in Progress account under the head inventories.

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Ashish G

19-Aug-2014 , 10:49:13 am

In case of Individual, not much problem. For Cos, pre incorporation exps, stock, etc to be ratified by Board and then can consider in fy-15

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Piyush Laddha

03-Oct-2014 , 10:42:00 am

You can show it as your purchase and closing stock in the year 2013-14.

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