How to report Advance Received in FY 2020-21 against property actually sold in in FY 2021-22

993 views 2 replies

Sir,I

have sold a house for a Total Consideration of Rs 8,25,000 and have received an advance of Rs 82,500(50,000 cash on 18.02.2021and 32500 through cheque on 20.02.2021)i.e. in F.Y.2020-21.

 

But the remaining balance payment  of Rs 742,500 has been received through Demand Draft at the time of actual registry on 14.07.202121(i.e. in F.Y.2021-22).

 

While filling ITR-2 for F.Y.2020-21;whether the advance of Rs 82,500 received in F.Y. 2020-21 is to be reported?

 

If yes, where in ITR-2 ?

 

Can this Total Amount of 8,25,000 (82500+742500=825000)be reported together in ITR-2 of F.Y. 2021-22 next year ?

 

Regards,

Vinod Kapoor

Replies (2)

Acceptance of advance >=20k towards sale of immovable property violates provisions of section 269SS and 100% penalty can be levied for the same.

No need to disclose advance receipts in the ITR for FY20-21. Capital gain arising out of the transaction to be disclosed in the ITR for FY21-22.

There is no requirement for showing advance receipts in ITR-2. Show gross 825000 as sales consideration in FY 21-22

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 15 June 2026
Senior Auditor

N. Dhawan & Co

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 08 July 2026
Articles

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
ARTICLESHIP 10 July 2026
Article Assistant

N S Gokhale & Co

Thane

CA Inter

View Details
Company
05 July 2026
Financial Controller

NovumLake Partners

Mumbai

CA

View Details
Company
ARTICLESHIP 30 June 2026
2 posts Article assistant and Articleship completed students

Chirag N Shah & Associates

Mumbai

CA Inter

View Details
Company
24 June 2026
Chartered Accountant

CA Darshita Shah & Co

Nadiad

CA

View Details
Company
ARTICLESHIP 27 June 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 24 June 2026
ARTICLE ASSISTANT

BHUPINDER SHAH AND COMPANY

New Delhi

CA Inter

View Details