Example:
We sold property of land or house at the rate of Rs.1,00,000, but we received 90,000/- in current financial year, rest of 10,000/- we got promisory note for next 6 months validity date next F.Y.
Please tell us how do we treat for purchase consideration FOR CURRENT FINANCIAL YEAR
If the transfer took place in FY 2013-14, then it will be taxed in that year. Rs 10000/- receivable from the purchaser will be shown in balancesheet as current asset.
| Originally posted by : Madhavi Pandit | ||
 |
If the transfer took place in FY 2013-14, then it will be taxed in that year. Rs 10000/- receivable from the purchaser will be shown in balancesheet as current asset. |  |
Any case laws regarding to that case
If u have pls Post here
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