Advance against sale of house property - itr3

ITR 868 views 8 replies

V K Kukkal

Retired

29 Points Joined July 2019

Sir,

Would appreciate if someone can attend to my query for filing ITR-3

Where should I show the advance amount of Rs.2 L received by me in March 2019 as a token money against sale of House Property? So far, I have received only this much and the deal may take some more time to complete.

An early response will help me to file my return.

Thanks

V.K. Kukkal

Replies (8)

Rohika PS

student

268 Points Joined June 2018

Whether any sale agreement was made or registered while receiving the advance, TDS deducted on such advance???????

V K Kukkal

Retired

29 Points Joined July 2019

No agreement was made or registered while receiving the advance. It was a token money received vide cheque on good faith. If the deal does not materialize, I may even return the money. Any ways, that may not happen but it may take some time.

Rohika PS

student

268 Points Joined June 2018

Then in this case u can Carry forward such advance capital gains will arise on sale of property. it will be taxable in case of forfeiture of such advance

Kapadia Pravin

17264 Points Joined December 2018

Date of sale will be date on which agreement is executed. Too that time token money will remain as advance from buyer. show as advance (current liabilities) in BS

V K Kukkal

Retired

29 Points Joined July 2019

@ kapadia Pravin

You mean to say, I should show that amount against 6(b) Sundry Creditors in BS! Mine is NO ACCOUNT CASE.

NO ACCOUNT CASE	6	In a case where regular books of account of business or profession are not maintained -furnish the following information as on 31st day of March, 2019, in respect of business or profession)
		a	Amount of total sundry debtors	6a
		b	Amount of total sundry creditors	6b
		c	Amount of total stock-in-trade	6c
		d	Amount of the cash balance	6d