Tax on advance received for sale of property
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 December 2013
I have received advance of Rs. 3 Cr on 2nd December for Sale of Property. The remaining amount is receivable in 3 months time. Am I liable to pay any advance Tax till 15th December
CA PARAS BAFNA
(Expert)
13 December 2013
ON ADVANCE RECEIVED BEFORE THE TRANSFER OF PROPERTY TO BUYER ,ADVANCE TAX LIABILITY DOES NOT ARISE.
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