forfeiture of bayana is taxable?
This query is : Resolved
10 March 2011
I have received Rs. 5 lacs as an adavenace(BAYANA AMOUNT) against sale of property of Rs.25 lacs.
Now the buyer is not agreed to pay rest money and i forfieted all the money and deal is cancelled.
1. Is that amount of bayana is taxable in
my hands?
2. If yes than plz give reference
Now the buyer is not agreed to pay rest money and i forfieted all the money and deal is cancelled.
1. Is that amount of bayana is taxable in
my hands?
2. If yes than plz give reference
10 March 2011
Bayana is not taxable right now but whenever the property will be sold it would be deducted from cost of acquisition.
Indexation will be allowed on the balance amount of cost only.
In case the cost of acquisition is Rs 400000/- at the time of sale Nil Cost of acquisition will be taken.
Indexation will be allowed on the balance amount of cost only.
In case the cost of acquisition is Rs 400000/- at the time of sale Nil Cost of acquisition will be taken.
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