Profit on sale of building not shown fully in last year return how to consider in return

Tax queries 99 views 1 replies

Dear Members,

 

One of my client was sold property last year property for Rs.60,00,000 but consideration received amounting to Rs.80,00,000 but he  repaid amount of Rs.10,00,000 the balance amount of Rs.10,00,000 he has not repaid as per sale deed only Rs.60,00,000 is the consideration how to consider the balance amount of Rs.10,00,000 in current year ITR which is not repaid.

 

Thanks and Regards

 

Ravindra

 

Replies (1)

Is it refundable or not?

Depending upon clause of the agreement for additional amount........

Either the gain to be revised to 70 lakhs  sale consideration.........

Or offer the additional amount under IFOS in current year.

 


CCI Pro

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