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Capital gain

This query is : Resolved 
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(Querist)
16 August 2011 Advance payment received against sale of property is forfeited due to any reason then it is taxable or not under the Income Tax Provision and under which section.
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U S Sharma

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U S Sharma (Expert)
16 August 2011 it would be reduced from cost of property held.
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CA.GAURAV SACHWANI

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CA.GAURAV SACHWANI (Querist)
16 August 2011 thanks for the response and further please tell me the section for the same and also pls tell me that if the cost of property is less than the advance forfeited then what is the treatment for the same.
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