Advance received from a buyer
This query is : Resolved
Vaishnavi Nistala
(Querist)
27 July 2016
In the event selling the house i got an advance of 500000/- in the jan 2016. Please tell me the tax treatment & disclosure of income.
Message likes :
1 times
CA. Sunil Gokhale
(Expert)
27 July 2016
The amount will be part of the consideration you will take into account for computing capital gain.
28 July 2016
There is no disclosure requirement in the return of income for part consideration received, unless you forfeit that amount during FY2015-16. This part consideration shall be aggregated to arrive at the full value of consideration for the purposes of computing capital gains in the year of transfer.
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