Advance for purchase of land

how to treat advance paid for purchase of land
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Quick Summary
This discussion clarifies the accounting treatment for advances paid towards land purchase, noting that a simple advance receipt entry is typically used as the property hasn't yet been transferred. It also touches on how such advances are treated for income tax purposes, particularly when an assessee files under a presumptive income scheme.

Thats just an advance
so normally we have to pass advance receipt entry
When an assesse filing IT under presumptive income how to treat for income tax purpose
Since property is not yet transferred as a result of the fact it's not an asset. Normal advance entry is passed.

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