Repayment of advance paid to purchase land
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 November 2013
A company paid to a landlord a sum of money for example 10 lakh to purchase his land. After few years dispute arise and repaid the advance with interest and compensation for example 15 lakhs. how it should be accounted it in compliance with Revised Schedule?
01 November 2013
recognise as income in statement of profit and loss in note "Other Income"
.
.
it is indirect income hence you should not account it as revenue from operations
.
.
it is indirect income hence you should not account it as revenue from operations
01 November 2013
Treat the interest paid as expenses
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Exiting partner in partnership firm in gst portal
- CLOSING STOCK QUERY
- Traces submitting correction statement error
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Taxability of credit in canara bank ET & T section (NRO)
- Loss of interest in PF transfer from EPFO to Trust
- ITR-Capital Gain
- IT returns for fresh job holders
- F&O reporting in ITR
- ITR-3 File/Error Found
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
