Capital gains - advance received

Sivaraman A R (.) (1040 Points)

04 February 2017  

Sale of House property

Sale value Rs 40 lakhs.

Advance obtained in FY 2016-17 – Rs 30 lakhs

Final Settlement in FY 2017-18 – Rs 10 lakhs. (Sale deed prepared in FY 2017-18)

Is there any capital gain tax for AY 2017-18?

Can we show Sales proceeds for AY 18-19, Rs 40 lakhs even though advance was obtained in AY 2017-18?

Regards,

Siva