( Author )
30 August 2012
A person has sold his land as stock in trade and receive 95% os sales conideration as advance and aggrement to sale is to be executed after 4 years.
Now when will be the liability of income tax either at the time of advance received or at the time of agreement to sale.
If at the time of advance received then whehther on whole amt tax has to be paid or at the amount received.
pls support ur reply with evidence.
Thanks in advance