V K Kukkal (Retired) (29 Points)
20 August 2019Sir,
Would appreciate if someone can attend to my query for filing ITR-3
Where should I show the advance amount of Rs.2 L received by me in March 2019 as a token money against sale of House Property? So far, I have received only this much and the deal may take some more time to complete.
An early response will help me to file my return.
Thanks
V.K. Kukkal
Rohika PS
(student)
(263 Points)
Replied 20 August 2019
V K Kukkal
(Retired)
(29 Points)
Replied 20 August 2019
No agreement was made or registered while receiving the advance. It was a token money received vide cheque on good faith. If the deal does not materialize, I may even return the money. Any ways, that may not happen but it may take some time.
Rohika PS
(student)
(263 Points)
Replied 20 August 2019
Kapadia Pravin
(17264 Points)
Replied 20 August 2019
V K Kukkal
(Retired)
(29 Points)
Replied 20 August 2019
@ kapadia Pravin
You mean to say, I should show that amount against 6(b) Sundry Creditors in BS! Mine is NO ACCOUNT CASE.
Shall I proceed with it. Thanks for your suggestion.
V K Kukkal
(Retired)
(29 Points)
Replied 20 August 2019
Pravin, do I have to show the same advance amount in P/L A/c too under Gross Receipts?
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