banner_ad

Capital Gain

This query is : Resolved 
Profile Image

Profile Image

(Querist)
08 November 2010 When advance payment of Rs. 1,00,000/- made for land by B to A and the same has been forfeited by the A of that land.

what the tax treatment in hand of A and B
Profile Image

Aditya Maheshwari

Profile Image

Aditya Maheshwari (Expert)
08 November 2010 Advance money received.

51. Where any capital asset was on any previous occasion the subject of negotiations for its transfer, any advance or other money80 received and retained by the assessee in respect of such negotiations shall be deducted from the cost for which the asset was acquired or the written down value or the fair market value, as the case may be, in computing the cost of acquisition.
Profile Image

Abhi123

Profile Image

Abhi123 (Querist)
08 November 2010 Thanx but what would be in case of buyer (Whose payment has been forefeited) what would be tax treatment in his hand
Profile Image

Aditya Maheshwari

Profile Image

Aditya Maheshwari (Expert)
08 November 2010 No tax on the buyer and in my view no deduction also allowable of the loss to the buyer.
Profile Image

taxindiaconnect

Profile Image

taxindiaconnect (Expert)
08 November 2010 It is a capital reciept, not taxable in the hands of the recipient. It is also not allowable to the payer.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details