banner_ad

Advance forfeited

Others 215 views 3 replies
User Avatar

60 Points Posted on 20 March 2021
A given 10000 advance to X for puchasing asset but contract cancelled and advance amont forfeited .it's forfeited amount taxable or not to X
0 Reply Share Follow
On 20 March 2021 at 07:50 Report
Replies (3)
User Avatar

1392 Points Posted on 20 March 2021
Taxable
Reply
On 20 March 2021 at 08:37
User Avatar

Chartered Accountant
24588 Points Posted on 20 March 2021
It'sTaxable
Reply
On 20 March 2021 at 08:59
User Avatar

Article Assistant
41 Points Posted on 20 March 2021
It is taxable u/s 56(2)xi as income from other sources of the underlying asset is a capital asset u/s 2(14).
Reply
On 20 March 2021 at 09:35


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details