banner_ad

Forefeited Income will be Business Income or IFOS?

342 views 4 replies
User Avatar

Learner
3134 Points Joined September 2009
Hi,

ABC Ltd is real estate company, company has forfeit some booking advances, my query is forfeited income will be taxable under PGBP or IFOS?
0 Reply Share Follow
On 05 March 2020 at 17:36 Report
Replies (4)
User Avatar

Tax Advisor
1326 Points Joined July 2011

Yes, it is taxable under Income from other sources. 

Reply
On 05 March 2020 at 17:43
User Avatar

17264 Points Joined December 2018
Since it is incidental and arising directly out of its real estate builder business and it's a regular happening in the builder line business,

Such forefeited amount will be under business income.
Reply
On 05 March 2020 at 18:00
User Avatar

Learner
3134 Points Joined September 2009
Thanks for reply

@ Mr Kapadia Pravin, if it will be taxable under PGBP, there will be no deduction allow against this forfeiture income, right?
Reply
On 05 March 2020 at 20:37
User Avatar

229 Points Joined June 2018
Expenses can be claim under PGBP
Reply
On 06 March 2020 at 00:21

Summarize this with AI
ChatGPT Perplexity Claude Google AI Grok

CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details