Forfieture of advance money

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 May 2013 if any person made a agreement of sale of house then is their any restriction on percentage of money forfeited. example if house is agreed to sale for 1 crore then can any one forfeiture advance money of 50 lac.
And,
is any other tax consequences other than under capital gain original cost is reduced,
like tax under income from other source, etc

CA Harish Suwalka

CA Harish Suwalka (Expert)
Follow

25 May 2013 it was once used as a way to dryclean the money, but these days Govt and IT Dept are very tough on these types of bogus transaction,

if the forfieted advance is beyond market standards , which are 5-10%, than you are inviting trouble.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA.Gopal Rathi

S J MITRA

CA Sunny Sharma

Moby Mogli

Vimlesh kumar

Subscribe Now

Forfieture of advance money

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Article Assistant

CA Final

GST CONSULTANCY

GST CONSULTANT

Manager- Finance and Compliance