Question ID :
44756
Clarification on Reporting Advance Payments for Under-Construction Foreign Property in Schedule FA o
Considering the property is under construction and the title has not yet been registered in the taxpayer's name, should the advance payment be disclosed under the "Details of Immovable Property" section of Schedule FA?
Posted by
CA. KHURANA PANKAJ
on
Dec 04, 2024
Filed Under
DIRECT TAXES
Under Schedule FA (Foreign Assets) of the Income-tax Return, advance payments made for immovable property should typically be disclosed in the "Details of Immovable Property" section, even if the property is under construction and the title has not yet been registered in the taxpayer's name.
Posted by
CA. SURAJ KUMAR CHOUDHARY on
Dec 11, 2024
Answer ID :
85544
Yes. In my opinion, the amount paid can be shown under 'ANY OTHER CAPITAL ASSET' (Item C of Schedule). Under Nature of Asset, you can write: Advance paid for Immovable Property.
Posted by
Rupakula Rajasekhar on
Dec 31, 2024
Answer ID :
85553
not necessary as advance remains a movable propert
Posted by
SIVADAS CHETTOOR on
Jan 02, 2025