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 ?
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Is advance tax payment necessary for advance received for sale sale of land ?
Replies (2)
since sale agreement has not been made in f.y 2017-18 hence the transaction can not be considered as transfer hence there is no tax liability in case of advance received against capital asset.
Thank u madam. . So should I pay advance tax for the capital gains in the next year when I make the sale? Also please tel me how I should treat this advance received in my tax filing for this F.Y.2017-2018
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