Advance received against Sale and Purchase Agreement of Property

Whether possession of the flat been given to buyer?

Thanks Sir. Buyer are tenants who decided to buy property. Half property was tenanted and half in my possession. They are still renting & paying rent. So only half property has been in their possession since 2022. Sale agreement for whole property entered in 2024. Sale deed shall be signed in 2026 as they are gradually arranging funds. Then whole possession shall be given.

Whether sale agreement was registered?

No Sale Agreement, Not registered

If you are still getting rent from your tenant, you don't need to declare sale in FY 2024-25. Treat it as advance, it is not required to be declared  in ITR unless you are declaring Balance sheet in ITR.

Thanks a lot Sir, are you CA or tax consultant?

You are welcome... 

Any doubt?

No, not at all Sir, highly obliged.

Can I kindly have your contact details?

Regards