Compensation / Liquidated Damages
This query is : Resolved
18 November 2009
Liquidated Damages received for not executing of contract for purchase of property whether capital or revenue???
18 November 2009
capital
18 November 2009
If it is treated as capital what should be the treatment as per accounts as well as tax????
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.
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????
19 November 2009
where r all the experts????
19 November 2009
its taxable as capital gain.
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?
22 November 2009
Agree with Expert shakuntala
22 November 2009
please write again your question and give all facts relevent to that. okk...
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