HELOOOOOOO.,,,,,,,, CAN ANY ONE EXPLAIN ME ABOUT ,
IF MR. X , GIVE ANY ADVANCE TO PURCHASE THE PROPERTY TO MR. A . THEN IFMR. A REFUSE TO SELL THAT PROPERTY THEN WHAT WILL BE THE TREATMENT OF THAT ADVANCE MONEY U/S 51
CA. AMIT BHUTANI (JOB) (124 Points)
25 December 2008HELOOOOOOO.,,,,,,,, CAN ANY ONE EXPLAIN ME ABOUT ,
IF MR. X , GIVE ANY ADVANCE TO PURCHASE THE PROPERTY TO MR. A . THEN IFMR. A REFUSE TO SELL THAT PROPERTY THEN WHAT WILL BE THE TREATMENT OF THAT ADVANCE MONEY U/S 51
madhur gupta
(student/article )
(1022 Points)
Replied 25 December 2008
here mr.X will demand compensation from mr.A
suppose mr A has given him compensation of rs.50000
and mr.X had paid rs.10000 as advance money
then there will b capital gain (s.t.c.g/l.t.c.g) of rs.40000 in hands of mr.X
Ameet
(L)
(1678 Points)
Replied 26 December 2008
To the extent of Advance money received will be reduced from the cost of acquisition for the seller.
Juzer Sadikot
(CA - innovative solutions for Imports and Exports)
(1309 Points)
Replied 26 December 2008
Advance/compensation money will be adjusted from COA of that capital asset
Further, the party who have cancled the contract will not be entitle to calim any loss including capital loss.
Ramesh
(CA Student doing Articleship)
(33 Points)
Replied 27 December 2008
The Advance Paid will be reduced from the cost of Acquisition.
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