Income Recognition
This query is : Resolved
27 March 2008
An assessee deals in business of selling plot launching schenme containing Terms & conditions of scheme are as follows
1. Scheme tenure is of 41 months
2. The person who wants to purchase the plot has to becomes the member of the scheme by depositing Rs.1000/- per month up to 41 months
3. Ownership & Possession of the plot will be transferred to him after completion of tenure of 41 months
4 I want to know that, what would be the treatment of the amount received in advance per month as per I.T. Act 1961?
1. Whether it has to be treated as income or advance?
1. Scheme tenure is of 41 months
2. The person who wants to purchase the plot has to becomes the member of the scheme by depositing Rs.1000/- per month up to 41 months
3. Ownership & Possession of the plot will be transferred to him after completion of tenure of 41 months
4 I want to know that, what would be the treatment of the amount received in advance per month as per I.T. Act 1961?
1. Whether it has to be treated as income or advance?
11 May 2012
It will be treated as advance.
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