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

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.