Building development
we have given our land for development during the year fy 2016-17 and received advance RS 13.5 lacs But so far possession not completed .Mt question is whether we have to pay any income tax / capital gain
Replies (2)
Quick Summary
The capital gains will arise in the year of possession of flats, till then it will be treated as advance.
The point is when ownership is transferred.
Recent Topics :
- Bill-to-ship-to material at client site, project c
- Export previously now to be considered domestic sa
- Pan surrender via online
- EPFO Portal Issue – Unable to Save Employee
- Plant & Machinary
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
Related Topics :
CAclubindia
