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accounting treatment

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(Querist)
11 December 2009 what will be the accounting treatment of advance forfeited on sale of flat ? whether it is a capital receipt or revenue receipt ?

Pls. provide supporting
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
11 December 2009 It is Revenue receipt
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ADITYA

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ADITYA (Expert)
11 December 2009 I do agree with Mr Ramesh as the receipt is not the proceeding of Sale Transaction. There is no SALE taken place .
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