I entered in S&P agreement of my flat in FY 2024-25 and received advance of Rs.15 Lakh. But sale is to be registered in FY 2026-27 as per agreement. Do I need to show this advance in FY 2024-25 and pay tax in FY 2024-25? The agreement is not registered.
Menu
Advance received against Sale and Purchase Agreement of Property
Replies (8)
Whether possession of the flat been given to buyer?
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
Recent Topic
- Input tax credit under igst under insurance compan
- ITR Form to be used
- CGAS account Holder Deceased
- ITR form suggestion
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
Related Topics
CAclubindia
