Advance against under construction property
This query is : Resolved
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 .
tks in advance
tks in advance
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.
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
it is a residential project in noida extension..and i have booked it from investment point of view
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 It will not affect your books on business except that the capital u migth have withdrawn fron business by passing an entry.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.
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..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- TDS on property - Form 141 query
- F & O PROFIT REPORTING FOR AY 2026-27
- ITR-3 File/Error Found
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Average Cost Of High Quality Diamonds
- Taxability of credit in canara bank ET & T section (NRO)
- Difff in ais receipts and gst turnover
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
