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.
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