I sold Land plot and Agricultural Land Received consideration and also Registered
but some other reason that said land has been cancelled and also registration been cancelled
whether the amount of consideration will charge under section 56 (2)(ix) forfeiture of Advance amount
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Capital Gain
Replies (1)
Yes, correct. Section 56(2)(ix) which deals with tax treatment of advance forfeited on the sale of property. Any amount received as Advance or otherwise in the course of negotiations for transfer of a capital asset which has been forfeited by the Seller for non-compliance by the buyer with the clauses in the Agreement would now be taxable as Income under head 'Income from Other Sources,'
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