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Shady (Manager)     24 March 2018

Tax on advance

Hi,

Does an advance taken on land deal attract tax if land possesion is given at the time of agreement. My father made an agreement for land sale and in the document it is written that possesion of land is given to the buyer. Do, I need to pay tax on advance or subsequent paymnets before the transaction is registered.

Thanks in advance.

 



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