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Advance received for sale of land in previous financial year, but land sale after financial year end

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LINGARAJ SINGH

LINGARAJ SINGH (Querist)
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05 December 2024 advance received for sale of land in previous financial year, but land sale after financial year end, so how to compute income tax when received advance for sale of land

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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05 December 2024 For advance received there is no tax liability. The capital gain arises only when the land is sold in next FY. The advance is carried forward and gets adjusted to sale proceeds in next FY when actual transaction takes place.

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