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Advance for purchase of land

30 November 2021

how to treat advance paid for purchase of land

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3 Replies

anil kumar (4 Points)
Replied 30 November 2021

Thats just an advance
so normally we have to pass advance receipt entry

Bharath Gowda (3 Points)
Replied 30 November 2021

When an assesse filing IT under presumptive income how to treat for income tax purpose

sabyasachi mukherjee (7969 Points)
Replied 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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