Capital gain

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Keshav (Querist)
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14 December 2013 The amount received in advance is forfeited. if the amount forfeited is more than the cost of acquisition then what should be the treatment for that extra money??? is it exempted or taxable? explain.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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15 December 2013 I believe it wont be taxable. Two cases come to my mind Sunita Shah and Travancore Rubber. Not sure if the law still stands the same or not.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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15 December 2013 In the hands of the 'proposed seller' it is a 'capital receipt' not exigible to income tax.

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