I’m selling an apartment and the buyer has applied for a loan. The bank will date the check on 30th march 2021 and i am planning to get it registered to the buyer on 31st march(hopefully). The bank will provide me a photocopy of the cheque so that i can enter the cheque number on the sale deed, but the problem is that the actual cheque will be given to me in april 2021 after the bank verifies the sale deed. I can deposit the cheque in to my account only in april.
Is this income considered as income earned in this financial year ending with March 31st 2021 or is it considered as income earned in April 2021?
CAclubindia
