What will be the financial year of the Property purchased ?
This query is : Resolved
Quick Summary
24 May 2024
Dear Sir/Madam,
I and my wife in joint ownership have purchased a flat . I paid an advance of 5% consideration on March 31, 2024. The rest of 5% advance was paid by me on Apr 04, 2024 . After ensuring that 10% is received, the builder then made the documents with booking date of flat as April 08 , 2024 and BBA agreement date is April 09, 2024.
Could you pls answer following query.
Q(1) In which financial year, this property will be considered as bought by us, old financial year or new financial year. I hope it should be new ( FY 24-25 ) based on the agreement date but still want to confirm . Asking because I got to know that now in return, the Income Tax department would ask this information of any property purchased .
I and my wife in joint ownership have purchased a flat . I paid an advance of 5% consideration on March 31, 2024. The rest of 5% advance was paid by me on Apr 04, 2024 . After ensuring that 10% is received, the builder then made the documents with booking date of flat as April 08 , 2024 and BBA agreement date is April 09, 2024.
Could you pls answer following query.
Q(1) In which financial year, this property will be considered as bought by us, old financial year or new financial year. I hope it should be new ( FY 24-25 ) based on the agreement date but still want to confirm . Asking because I got to know that now in return, the Income Tax department would ask this information of any property purchased .
24 May 2024
Yes, you can consider it as date of booking.
Message likes :
1 times
05 September 2024
Good Luck.
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
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Tds on commission charges
- Minimum tax payable to file Updated return
- Applicability of GST on Salary Reimbursement Component
- Dep. as per companies act
- Change Of Karta In Case of Death
- FAST-DS Scheme - Foreign Assets
- Salary from Qatar in Dollars in India
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
Quick Links
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER
Anupam Parashar & Co.
Ghaziabad
CA Final
View Details
Featured
12 September 2026
Assistant Manager - Finance & Compliance
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
08 September 2026
Semi-Qualified Assitant
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
ARTICLESHIP
04 September 2026
Accounts Executive
Hema Yashwanth & Associates
Chennai
B.Com
View Details
CCI
Pro
CAclubindia
