Advance received for sale of land in previous financial year, but land sale after financial year end
This query is : Resolved
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
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.
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
- ITR -1 Filing
- TWO FIRM NAME IN ONE GST NUMBER
- Transportation of Petrol, Diesel by GTA and Other than GTA
- Section 54 f disallowed will be taxed at what rate
- Transfer of Rectification Rights to the Jurisdictional Assessing Officer
- Long term capital gain exemption on sale of mutual funds
- Transfer of rectification rights to ao
- IGST Refund pending since June 2022.
- Share in property
- Trust 10AB form required for old asst. years?
- Accumulated surplus exceeding 15%
- DIFFERENT GST NUMBER MEESHO
- Query on TDS Section 194H
- Fees amount transfer procedure for two doctors
- NOTICE US 148 INCOME TAX ACT
- Gst1a within time, will customer get corrected itc set off?
- Credit note for cycle round
- Does Sharing a common place of work against rent comes under Related party Transactions
- FEMA MONEY REPARTIATE
- TDS on Cloud Usage to Indian Compnay
Trending Online Classes
-
Certification Course on GSTR-3B Reconciliation with GSTR-2B through AI Tools
CA Deepak Gupta15 July 2025
CAclubindia
