26 March 2015
A client has paid an advance of ?5 lacs to buy a flat in March 2014 without entering into an agreement. In may 2015 an agreement was entered with Developer for 60 lacs approx. In the financial year he has paid advances of around 20 lacs (excluding the 5 lacs of PY 2013-14). now What is the exact of point of time to do Tax Deduction?? Is it on the date of agreement for the whole amount of 60 lacs or on each instalment basis?? What about the 5 lacs paid before agreement?? Will it attract the said provision??? Thanks in advance..
CAclubindia
