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Gross receipts

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(Querist)
19 September 2013 Please clarify whether advance received by a Builder from allotees will be treated as gross receipts for 44AB of Income Tax Act ? This is also to inform you that construction is under progress.
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CA Parul Saxena online

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CA Parul Saxena online (Expert)
19 September 2013 no advance received is not considered as turnover it is liability which would become income after completion of work.

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