I had signed and entered into an agreement with a developer to redevelop my property owned along with my cousins. The agreement was done on 25/08/2022 and I received 25 lakhs as advance along with an agreemenr to get a flat which would be handed over to me by SEP 23 . I want to know the tax implications and the year it would be taxed.
1) the tax implication of advance received, as to when its taxaxable
2) tax implication on completion of flat.
I want to know the year of taxation that is whether the advance is taxable in the year 22-23 or the whole sum along with flat is taxable in the year 23-24.
thanking in advance
CAclubindia
