Hi.
I had agreed to sell a piece of land that i had held for more than 3 years in FY 22-23. I received around 70% of the payment before march 31 and some of the payment is still due which would be made during current FY. I want to know how to to file the return for previous FY with regard to the 70% payment that i had received. The ownership of the land is yet to be transferred.
If the agreement is not registered or possession is not given in FY 2022-23, in that case 70% amount is been treated as advance in the year. You cannot sale land in two parts. Your deal will be considered for FY 2023-24 when the transfer of WHOLE land will get completed.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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