Capital gain
This query is : Resolved
08 February 2014
Advanced money received on sale of capital asset but the sale agreement is canceled and the advanced money is forfeited, whether that forfeited money is liable to tax in same year or in the year of sale of asset?
CA Galib Mirza
(Expert)
08 February 2014
Amount forfeited will be taxable in the year of trf. of capital asset and the cost of acquisition would be reduced to the extent of the forfeited amount.
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