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Capital gains - advance received

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Sivaraman A R

Sivaraman A R (Querist)
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04 February 2017 Sale of House property
Sale value Rs 40 lakhs.
Advance obtained in FY 2016-17 – Rs 30 lakhs
Final Settlement in FY 2017-18 – Rs 10 lakhs. (Sale deed prepared in FY 2017-18)
Is there any capital gain tax for AY 2017-18?

Can we show Sales proceeds for AY 18-19, Rs 40 lakhs even though advance was obtained in AY 2017-18?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 February 2017 No capital gain tax for AY 2017-18. Show the entire sale proceeds in AY 2018-19.

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 February 2017 No capital gain tax for AY 2017-18. Show the entire sale proceeds in AY 2018-19.

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