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capital gain
what is the concept of advance money forfeited under section 51?
Replies (3)
will be taxed under income from other source under section-56(2)(ix)
advance forfeited money is not taxed in the year when it forfeit but it will deduct from the cost of asset.
if advance is recieved before 2014 april then it will be deducted from COA of asset and if it recieved after apr2014 then it has to be shown as income from other sources
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