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?
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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
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