I purchased a property and sold a previously held property to fund the purchase, in the same month, all for residential purpose. The days of difference between payment/registration of purchased property and receipt of sale proceeds from the sold property is 25 days respectively. Now, if I am paying a cash payment of 6 lakhs to seller, can I regard receipt of 6 lakh 25 days later from the buyer as source of income when in the sale deed of purchased property, it is written that seller recieved 6 lakhs in cash and rest from Bank (home loan)
CAclubindia
