How to report Advance Received in FY 2020-21 against property actually sold in in FY 2021-22

Vinod Kapoor (Taxpayer) (112 Points)

22 July 2021  

Sir,I

have sold a house for a Total Consideration of Rs 8,25,000 and have received an advance of Rs 82,500(50,000 cash on 18.02.2021and 32500 through cheque on 20.02.2021)i.e. in F.Y.2020-21.

 

But the remaining balance payment  of Rs 742,500 has been received through Demand Draft at the time of actual registry on 14.07.202121(i.e. in F.Y.2021-22).

 

While filling ITR-2 for F.Y.2020-21;whether the advance of Rs 82,500 received in F.Y. 2020-21 is to be reported?

 

If yes, where in ITR-2 ?

 

Can this Total Amount of 8,25,000 (82500+742500=825000)be reported together in ITR-2 of F.Y. 2021-22 next year ?

 

Regards,

Vinod Kapoor