ADVANCE MONEY UNDER SALES AGREEMENT
This query is : Open
ca tarun sharma
(Querist)
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)
hshivakumar
(Expert)
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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