Property sale taxation

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partner
78 Points Joined July 2012

Hello

I am taking advance amount for sale of my property this week and most probably registation will conclude after 2 to 3 months i.e next financial year. So for income tax purpose how should I show the advance amount which i will take in this financial year ? Kindly guide. 

Thanks

 

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On 19 March 2024 at 13:49 Report
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28018 Points Joined May 2017
Pls post values
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On 19 March 2024 at 16:50
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partner
78 Points Joined July 2012

Property worth 20 Lakhs

Advance - 5 lakhs 

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On 19 March 2024 at 16:51
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299 Points Joined September 2020
You can record the amount as Advance received, however it shall be taxable only in the year of sale of property
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On 19 March 2024 at 20:06
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28018 Points Joined May 2017
Advance is not taxable , advance paid on the basis of transaction , unless the transaction is accomplished it's not done.
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On 20 March 2024 at 11:12
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CCI STUDENT....
44687 Points Joined January 2009

It will be considered in the year sale of property and it will be done under capital gains / loss, workings done by taking indexation table. 

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On 25 March 2024 at 14:28
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partner
78 Points Joined July 2012

Thanks all for your timely advise 🙂

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On 25 March 2024 at 18:47


CCI Pro

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