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Advance of property sell

30 June 2022

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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6 Replies

CA Rashmi Gandhi (Chartered Accountant) (86275 Points)
Replied 30 June 2022

Until and unless property get registered, you need not required to declare income.

3 Like

SATISH KUMAR (213 Points)
Replied 30 June 2022

Thanks mam but mam money is taken in cash and transaction is showing in AIS statement as the money was deposited in saving account

2 Like

rama krishnan (12234 Points)
Replied 01 July 2022

@ 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

2 Like

MPR Sanjay Kumar (2989 Points)
Replied 01 July 2022

@ CA Rashmi Gandhi mam I have one query in inbox ....thank you Rashmi mam

1 Like

SATISH KUMAR (213 Points)
Replied 01 July 2022

Thanks mam

2 Like

CA Rashmi Gandhi (Chartered Accountant) (86275 Points)
Replied 01 July 2022

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.

1 Like