Hi .. i am selling my land that i have been owning for 30 years . I have received an advance amount of Rs.20 lakhs in installments in the F.Y.2017-2018 . The rest amount of Rs.5 lakhs will be settled by buyer in F.Y.2018-2019 and the sale will take place in the same FY.2018 - 2019 .. Should i have paid advance tax for the LTCG on 20 lakhs in the F.Y.2017 -2018 ?
Is advance tax payment necessary for advance received for sale sale of land ?
Cibi vikraman (3 Points)
25 July 2018