Payment received for sale of property
This query is : Open
16 March 2016
R/sir,
One of my client is selling a plot, which may attract long term capital gain.
Selling consideration will be about 18,50,000 and registry is due in may 2016.
Buyer is giving 15,00,000 as advance in March 2016.
Please let me know whether my client have to show the money received in adv in his itr for ass year 2016-17 or to show and pay ltcg tax in ass year 2017-18 as registry will be done in acc year 2016-17
Please suggest
Regards
16 March 2016
If possession is handed over upon receipt of advance, then LTCG has to be necessarily offered in asst yr 2016-17.
16 March 2016
No possession is not given against advance, possession will be given after full payment and registry.
16 March 2016
Possession will be given after registry
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