Recovery of amount from flat sold
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 March 2016
I HAVE REAL ESTATE BUSINESS, I SOLD A FLAT RS. 35 LAKH BUT AMOUNT RECOVERED ON 10 LAKH REMAINING AMOUNT IS NOT RECOVERABLE FROM CONCERN PARTY HOW I TREATMENT OF SUCH ENTRY IN BOOKS OF ACCOUNTS FOR. F.Y. 2015-16
12 March 2016
You can claim the same as bad debt. (Please also be considerate that section 50C is applicable) The amount of bad debt shall be worked out accordingly.
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