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Q. > Please Help: Accounting of Buying Property with TDS applicable u/s194IA.
we having partnership Firm, sign MOU of NonÂAgriculture Land of Rs 2,00,00,000/Â on 19th August,2015. And Paid Amount of Rs 1,80,00,000/Â as
advance on 19th August,2015 and remaining will be paid at time of final sale deed. Apart from this e deduct TDS on 29th March, 2016 on 1,80,00,000
as 1% So TDS amount Rs. 180000 and interest of rs 21600 Total Tax Payment 2,01,600/Â.
My Question
1) What are Accounting Entries required for these transaction.
2) As sale deed not exist only MOU made by Firm, so amount paid in advance will be shown in balance sheet as advance payment or what? As My
firm are in construction business so Land will be as stock or as capital?
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