i receved token money against land sale of rs.100000.00 but patry failure to purchase of land & his token money 100000/- forfeited ,then waht will be treated of rs. 100000/- for me,, pls sugest with section of income tax. thanks in advance
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Forfeit amt of land sale
Replies (2)
As per Section 51 of IT Act this token money will be deducted from cost of acquisition of the owner while calculating capital gain chargeable to tax when he sells this asset in future.
Thank You Richa For erlier reply...
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