Hello
I am taking advance amount for sale of my property this week and most probably registation will conclude after 2 to 3 months i.e next financial year. So for income tax purpose how should I show the advance amount which i will take in this financial year ? Kindly guide.
Thanks
Property worth 20 Lakhs
Advance - 5 lakhs
It will be considered in the year sale of property and it will be done under capital gains / loss, workings done by taking indexation table.
Thanks all for your timely advise 🙂
CAclubindia
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