Advance for purchase of land

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3 Points Posted on 30 November 2021
how to treat advance paid for purchase of land
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On 30 November 2021 at 08:55 Report
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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.

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4 Points Posted on 30 November 2021
Thats just an advance
so normally we have to pass advance receipt entry
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On 30 November 2021 at 09:00
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3 Points Posted on 30 November 2021
When an assesse filing IT under presumptive income how to treat for income tax purpose
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On 30 November 2021 at 09:02
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Profession
28271 Points Posted on 30 November 2021
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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On 30 November 2021 at 09:51

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