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capital gain

Others 221 views 3 replies

tanvi jain

23 Points Posted on 02 August 2019

what is the concept of advance money forfeited under section 51?

Replies (3)

CA PREM KUMAR

Chunduru & Co

296 Points Posted on 02 August 2019

will be taxed under income from other source under section-56(2)(ix)

DHRUV PATEL

5 Points Posted on 02 August 2019

advance forfeited money is not taxed in the year when it forfeit but it will deduct from the cost of asset.

Aman Shivharey

78 Points Posted on 03 August 2019

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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