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
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SHORT TERM LOSS
Replies (4)
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
To the extent of Advance money received will be reduced from the cost of acquisition for the seller.
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.
The Advance Paid will be reduced from the cost of Acquisition.
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