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Recovery of amount from flat sold

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Querist : Anonymous

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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
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Amol S Joglekar

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Amol S Joglekar (Expert)
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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