this is practical case.
Mr A recd rs 1 crore in py 17-18 (till 31.03.2018) against the sales of his house to mr B.
full value of consideration rs 7 crores. No sale deed made till now. while calculating the income of py 17-18, is rs 1 crore taxble ? under which head if ansr is yes.
there is a 50% Chance of execution of sale becz buyer not in position to pay whole amount in py 18-19 as well.
Was any agreement registered?
If No, treat is as advance.
CAclubindia
