ADVANCE MONEY UNDER SALES AGREEMENT
This query is : Open
13 November 2009
if there is n agreement btwn seller & buyer of a property for transfer of such property 2 months later & buyer has given an advance money of rs 100000 aginst thst property but now seller refuse to sell the property & repay to buyer rs 200000.
now my question is
i) whether whole amnt of rs 200000 will be taxable in hand of buyer or a deduction of rs 100000 already paid to seller will be allowed
ii) if it is taxable then under which head capital gain or other source
please give d computation of taxable amnt
sir if it will be taxable under capital gain then whether there is a transfer of right(intangible asset)
now my question is
i) whether whole amnt of rs 200000 will be taxable in hand of buyer or a deduction of rs 100000 already paid to seller will be allowed
ii) if it is taxable then under which head capital gain or other source
please give d computation of taxable amnt
sir if it will be taxable under capital gain then whether there is a transfer of right(intangible asset)
13 November 2009
It is liable to tax under the head income from business or Income from other sources and Rs. 10 lakhs is taxable.
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