Advance Received for Property to be mentioned in ITR?

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  1. Karunakara

    Karunakara New Member

    Sir/Madam,

    I have received an amount 14 lacs as an advance towards sale of flat/property.
    Should I mention the above amount while on IT return file?
     
  2. Piyush Chawla

    Piyush Chawla Active Member

    No, the advance received for property is not required to be mentioned in the ITR

    All details regarding the sale would be disclosed in the ITR for the year in which the property is actually sold
     
  3. Karunakara

    Karunakara New Member

    Thank you for feed back Sir.
     
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