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'.
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