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CAPITAL ADVANCE RECOVERY
A person has given advance of Rs 20 Lakhs in year 2010 against purchase of immovable property but due to some reasons, sale deed were not executed. The party filed the recovery suit. Now court order with in favor to buyer. Consequently he will be receiving Rs 50 lakhs. Whether excess recovery of Rs 30 Lakhs (50 Lakhs minus 20 Lakhs) will be taxable ? or Will be consider as capital receipt not taxable income. Request to pls also share some case laws.
Replies (2)
Yes the amount is taxable
Yes taxable
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