Compensation / Liquidated Damages
This query is : Resolved
CA Gaurav Makwana
(Querist)
18 November 2009
Liquidated Damages received for not executing of contract for purchase of property whether capital or revenue???
CA Ravi Sisodia
(Expert)
18 November 2009
capital
CA Gaurav Makwana
(Querist)
18 November 2009
If it is treated as capital what should be the treatment as per accounts as well as tax????
shakuntala chhangani
(Expert)
19 November 2009
under income tax while calculating capital gains on the subsequent sale of the property, it will be deducted from cost of acquisition.
CA Gaurav Makwana
(Querist)
19 November 2009
the property is not owned by the assessee as the contract for purchase of property is not performed then how can he deduct the same from the cost of acquisition????
CA Gaurav Makwana
(Querist)
19 November 2009
where r all the experts????
CA Ravi Sisodia
(Expert)
19 November 2009
its taxable as capital gain.
shakuntala chhangani
(Expert)
22 November 2009
What do you mean by "where are all the experts". do you think experts don't have any other work? or they always sit on the computer? you had mentioned nothing in your question as to who had cancelled the deal, buyer or seller?
CA Ravi Sisodia
(Expert)
22 November 2009
Agree with Expert shakuntala
CA Ravi Sisodia
(Expert)
22 November 2009
please write again your question and give all facts relevent to that. okk...
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