I have given advance to builder Rs. 30 lacs in 5 years. project is still under construction. Registration of the property has been done in f. y 22-23. but possession not yet received. possession will get this year end. earlier we shows advance to builder(current Assets)Rs. 30 lacs . or should show in fixed assets. Only Rs. 2.5 lacs gst portion dues. will pay when we get possession.
pls guide us.
I think you should book its as a fixed assets ....................
CAclubindia
