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Income tax section 51

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(Querist)
13 October 2012 IF amount forfieted is 100000 which is more than the cost of acquisition that is 80000 and sale consideration is 200000 thn .... in law it is said excess amt is not taxable so 20000 is not taxable... than what is the taxable amount in capital gain..is it (200000-100000) 100000 ?
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Manish Soni

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Manish Soni (Expert)
13 October 2012 As per provisions of Income Tax Act, entire Rs. 2,00,000 will be taxable under CG as COA Rs. 80,000 has been reduced to NIL by the amount forfeited by assessee.
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Pankaj Gupta

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Pankaj Gupta (Expert)
13 October 2012 I agree with mr manish. As the amount forfeited is more than the cost of acquisition, therefore the cost of acquisition shall be reduced to nil value.
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jatin

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jatin (Querist)
15 October 2012 thanks mr. ca manish and mr. pankaj gupta
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