Dear Sir, I had purchased a flat on a home loan in 2018. Last year I decided to sell the flat and as such, I received a booking advance of 4 lakh in March 2024. Further, the buyer settled the pending home loan (32 Lakh) through direct transaction to my loan account in March 2024. The registry for the flat was made in April 2024 and I received a final amount of 8 lakh upon registry (in April 2024). My doubt is- whether the transaction should be mentioned in the ITR of FY 2023-24 OR that of FY 2024-25...
Ans: At the outset, it seems that your house was sold in March 2024 considering majority of payment was made towards the same. Accordingly, it ought to be part of your FY 2023 - 24 ITR.
Please seek assistance from your CA before moving ahead.