What is the income tax provision regarding forfeiture of earnest money in case of breach of trading contract?
Whether seller required pay income tax on amount forfeited?
Menu
Tax on earnest money!!
Replies (5)
Yes . It will be considered as income and seller has to pay income tax
Seller has to pay income tax on forfeited amount
Yes, seller has to pay tax on it.
Sir, can u please tell me in which head it will taxable. Under PGBP or IFOS!!
You have to support it with case law .Search for supreme court judgements
Recent Threads
- Donation deduction in ay 22-23
- ITR Filing for NRI (Dubai) – TDS u/s 194H &a
- CA Final Group 1 Exam - AFTER A LONG GAP
- What accounting software works best for small busi
- Accumulated amount received from pf account
- Sec.10 (10D) Tax Benefit not available to PaidUp p
- Seeking your expert view on GST return disclosure
- GST on rent a car Business , GST Query
- Need CA for Turnover Certificate & Tender (Del
- Schedule CFL is not saving 0 as carry-forward loss
Related Threads
CAclubindia
