10 October 2012
I have given an advance against under construction property amt 300000. possession will be given in 3 yrs ....how to a/c for it in books of a/c's ...and where to show it in income tax return . itr -4 ....i am self emplyoyed..balance payment will be made as per construction in 3-4 months time i.e. 10% per instalments .
10 October 2012
The query is not clear as to the property in residence or commercial. if it is residence, it does not take place any where in ITR as only after completion it will have to be dealt with .
If it s a commercila property the advance paid will take place in the balance sheet as an asset under advances and deposits.
11 October 2012
The residential property is a personal investment . It will not affect your books on business except that the capital u migth have withdrawn fron business by passing an entry. If you are borrowing for the same, after completion u can claim the interest on borrowings for preconstruction period also subject to the provisions of law. Otherwise it does not matetr now.
11 October 2012
i am self employed and filing itr-4 ...i am making only one balance sheet as of now ..in which i have 1/6 th share in one hotel property also.. so should i make seperate b/s..
CAclubindia
