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Advance recd in one FY but actual transaction in succeeding FY

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Vinod Kapoor

Taxpayer

112 Points Posted on 27 July 2021

Advance recd in one FY but actual transaction in succeeding FY

While filling ITR-2 for FY 2020-21;

How to report Advance Received in FY 2020-21 against property actually sold in in FY 2021-22

Replies (3)

Quick Summary

This discussion addresses how to report an advance received in FY 2020-21 for a property sale that actually took place in FY 2021-22 when filing an ITR-2. The consensus is that the advance payment itself does not need to be declared in the FY 2020-21 tax return. All relevant details concerning the advance and the property sale should be reported in the ITR for FY 2021-22.