Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 August 2010
if a Pvt. Co. Received Advance Against Sale a sum of Rs. 20 lacs through banking channel and sale thereafter could not be made, as the purchaser passed away and no legal heir is tracable. now what is the treatment of Rs. 20 lacs under income tax in the books of seller.
24 August 2010
The company is liable to refund the amount to the legal heirs and it has to hold the amount till the legal heir is traceable After a considerable period of time normally, 3 years a pblic notice should be given before writing off the amount in the books of accounts . This amount would be treated as the Income of the seller in case the legal heir is not traceable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 2 Short Term gain & Long term gain
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
