Taxability of Forfeit amount Received
This query is : Resolved
03 September 2021
Assessee has paid token money for some property, but deal did not materialize from seller side, so seller returned back the token money plus some extra to forfeit the right in deal of property.
1. What will be the taxability of extra amount received in hands of assessee ( who is no longer purchaser now) ? Whether it will be treated as Capital Gain or something else?
2. Will GST applicable on Extra amount?
1. What will be the taxability of extra amount received in hands of assessee ( who is no longer purchaser now) ? Whether it will be treated as Capital Gain or something else?
2. Will GST applicable on Extra amount?
03 September 2021
Under IT act, the amount is taxable u/h. 'Income From Other Sources'.
Message likes :
1 times
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
- GSTR9- ITC
- Audit of F and O T/O
- GST 9- Table 8
- REVENUE RECOGNITION AS PER IND AS 115
- RCM on GTA Services
- How to update Transaction data in broker samco account holding after transfer shares KARVY
- Applicablity on tds
- Unable to generate and save json file for updated return
- GST payable under RCM
- WRONGLY UPLOADED 10IF FOR COOPERATIVE SOCIETY
- Related to Rate of Depreciation
- Mismatch of Sales Invoice in GSTR-1
- Query on Mismatch of Sales Invoice in GSTR-1
- Import purchase entry
- Rule 54(1A) for Distributing ITC
- EXCESS CREDIT REALTED GST REVERSAL
- Export invoice not reported
- CA Articleship Extension Matter
- GST OFFICER WRONG NOTICE
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
Trending Online Classes
CAclubindia
