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Advance for property in cash base accounting
Any advance paid for property in year 2016-17 but registration wii be done in next financial year 2017-2018; the property has to transfer to fixed assets in which year ?
Replies (7)
Earlier of date of 'registration' or 'possession' or registered 'agreement of sell'
means - which ever is earlier possession or registration has tobe transfer fixed assest
Yes.... Correct
thanks sir
if possible pls let me know under which section shlould I consider;- as this has to be proved to my colleagues
The amount paid before any transaction takes place is treated as ADVANCE.
The property is accounted in books only when rights in the property is aquired over it by a registered deed or even physical possession is received by purchaser. (sometimes allotment letter is also considered)
OK sir- thnks
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