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Income Tax - Highlights / Catch Notes

Home Highlights September 2017 Year 2017 This

Addition towards advance received for sale of flats - accrual of ...

Income Tax

September 15, 2017

Addition towards advance received for sale of flats - accrual of income - income accrues to a builder or developer only when transaction of sale is complete and any advance received under the agreement for sale or mere earnest money cannot be taxed as income before the transaction of sale is complete.

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  1. Method of accounting - Treatment of advance received from customers as sales - Application of AS-7 to construction contractors and to builder or real estate developers.

  2. Accrual of income - taxability of advances received - Merely because an amount has been entered into in assessee’s book, is not conclusive proof that income has accrued - AT

  3. Interest on sticky advances – accrual of income - provision of interest on doubtful debts - the interest income relatable to NPA advances did not accrue to the assessee - AT

  4. Valuation of the service of construction provided by a builder/developer to a landowner, who transfers his land/development rights to builder - CBEC clarifies

  5. Scope of the Term sale u/s 2(47) - sale of land – advance received by the assessee but possession was not given - not taxable as income did not accrue - AT

  6. Refund claim - purchase of flats from builder - whether the appellants who are purchasers of an apartment/flat/residence from a builder or a developer is entitled to...

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  10. Taxable event - Completion of contract - profit on sale of the flats - Advance received from VGP which in fact is the sale proceeds of the flats, on completion of the...

 

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