LOAN/DEPOSIT U/S. 269SS AND 269T

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Kalpesh (Querist)
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16 September 2009 In the case of a builder/developer, piecemeal advance amount are received towards booking of the property. The sale deed is not executed till today and the amount is outstanding in the balance sheet of the builder. The party who has advanced the money also confirms the same

Under the circumstance
Can the amount be treated as a deposit and covered u/s. 269SS, 269T?

Kindly opine with citation.

Ratan Sharma

Ratan Sharma (Expert)
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16 September 2009 Hi,
It is neither loan or deposit. It is an advance given towards purchase of property. Such cases often seen in builders/Developers cases. Sec. 269SS or 269T not applicable in such cases. Also see the agreement carefully between parties before reaching any conclusion.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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16 September 2009 agree

Kaustuv

Kaustuv (Expert)
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17 September 2009 Ratan summed up the matter excellently.

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