Question ID :
39226
DPT 3 FORM
FLAT BOOKING AMOUNT (TO BE SHOWN AS ADVANCE RECEIVED FOR MORE THAN 365 DAYS)
A PVT LTD COMPANY HAS RECEIVED FLAT BOOKING ADVANCE FROM DIFFERENT PERSONS AMOUNTING TO RS 50 L. THE ADVANCE ARE ACCUMULATING SINCE 2 AND HALF YEAR AS ON 31.03.2019. MY QUERY IS WHETHER IT IS TO BE SHOWN IN DPT 3 IN ADVANCE RECD FOR MORE THAN 365 DAYS
Posted by
pradeep kumar agrawal
on
Jun 20, 2019
Filed Under
Companies Act, 2013
Answer ID :
78893
as per the terms of the contract, the advance received is to be adjusted against the cost of the flat on completion and transfer. it will not be considered deposit even if not adjusted within 365 days.
Posted by
CA. VENKITARAMAN K V on
Jun 21, 2019