Advance received against sale of property
This query is : Resolved
28 May 2023
My mother had received an advance money of around Rs 15,50,000/- from promoter against agreement for sale of her ancestral property by the end of March 2023 and then from it she also had paid a sum of Rs 5,00,000/- as advance against purchase of residential flat. Both the transactions took place in March 2023 i.e. FY 2022-23 & AY 2023-24. While paying Rs 15,50,000/- the promoter deducted TDS u/s 194 IA @ 1% of Rs 15,500. But the actual sale & purchase of flat took place in April 2023 and the remaining consideration received and paid also in April 2023 i.e. FY 2023-24 & AY 2024-25. The remaining consideration received is Rs 30,00,000/- for sale and paid for purchase of the flat is Rs 8,50,000/- in April 2023.
So even though my mother received only Rs 15,50,000/- as advance against sale in FY 20222-23 AY 2023-24 and out of which also paid a sum of Rs 5,00,000/- as advance against purchase of residential flat, how to show them in filing Return of Income for AY 2023-24?
The total value of consideration received is Rs 45,50,000/- for sale and consideration paid in total is Rs 13,50,000/-
Read more at: https://www.caclubindia.com/experts/ask_query.asp
Read more at: https://www.caclubindia.com/experts/ask_query.asp
Read more at: https://www.caclubindia.com/experts/ask_query.asp
So even though my mother received only Rs 15,50,000/- as advance against sale in FY 20222-23 AY 2023-24 and out of which also paid a sum of Rs 5,00,000/- as advance against purchase of residential flat, how to show them in filing Return of Income for AY 2023-24?
The total value of consideration received is Rs 45,50,000/- for sale and consideration paid in total is Rs 13,50,000/-
Read more at: https://www.caclubindia.com/experts/ask_query.asp
Read more at: https://www.caclubindia.com/experts/ask_query.asp
Read more at: https://www.caclubindia.com/experts/ask_query.asp
28 May 2023
Consider the amount as advance for AY 2023-24 & carry forward the relevant TDS in ITR.
28 May 2023
Sir, Thank You for your advice.........
Then in ITR what to be shown for the AY 2023-24 since apart from the above transaction my mother has no other income except interest from savings account and whether will have to pay tax or not??
Since for sb interest can claim deduction u/c VI A u/s 80TTA of Rs 10,000
Then in ITR what to be shown for the AY 2023-24 since apart from the above transaction my mother has no other income except interest from savings account and whether will have to pay tax or not??
Since for sb interest can claim deduction u/c VI A u/s 80TTA of Rs 10,000
28 May 2023
As per available information, there will be no tax liability, while TDS deducted over the transaction will be carried forward to next FY, so no refund of it.
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
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Treatment of Pension ?annuity returns on PMVY
- Salary and pension received from Asian Development Bank
- What is provisional receipt number for generation of form 16A
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Free lancer income
- BIS Certificates
- Scrutiny assessments u/s 143(2) for AY 25-26
- GSTR-4 Annual Return ! Pending Returns for F.Y. 20-21 to 22-23
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
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
