Sir
10 lakh of property sell is taken as advance payment in financial year 2021-22. Rest money and agreement is still pending. How to show that income in itr filing. please help sir. thank you sir/mam.
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Advance of property sell
Replies (6)
Quick Summary
Until and unless property get registered, you need not required to declare income.
Thanks mam but mam money is taken in cash and transaction is showing in AIS statement as the money was deposited in saving account
@ satish Kumar, you have done a grave mistake by accepting the sale advance in cash which will eventually result in levy of penalty of rs. 1000000/- under section 269ss in addition to payment of Cg tax once the transfer is executed by registering with SRO . contact a tax consultant
@ CA Rashmi Gandhi mam I have one query in inbox ....thank you Rashmi mam
Thanks mam
First and foremost thing , you can't accept amount in excess of 2 lakhs in cash. It will result in penalty.
Secondly TDS deducted on payment basis but it doesn't mean that such amount is income .
Consult some CA, you may contact me also if needed.
Secondly TDS deducted on payment basis but it doesn't mean that such amount is income .
Consult some CA, you may contact me also if needed.
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