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Taxability on excess amount repaid against advance amount

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SREEJITH S NAIR

FINAL STUDENT

30 Points Posted on 12 January 2012

Assesse have paid adbavce 15 laks towards a flat 5 years ago. But the assessee doesnot take the flat and the builder reapid the advance with an excess amount of Rs 5,00,000/-. What is the charging section under Income Tax and charging head of income?

Is it Long term Capital gain?

Pls give the nature of Income?

Replies (1)

Keval Ponkiya

CA CS MBA(Fin.) M.Com. L.L.B.

268 Points Posted on 12 January 2012

Shrijith !!! Its a simple 1 !!! Its an income chargeable to I.Tax and to be charged under IFOS

i.e. income from other source and not capital gain !!!

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Taxability on excess amount repaid against advance amount

SREEJITH S NAIR

Keval Ponkiya

Shrijith !!! Its a simple 1 !!! Its an income chargeable to I.Tax and to be charged under IFOS

i.e. income from other source and not capital gain !!!

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Taxability on excess amount repaid against advance amount

Shrijith !!! Its a simple 1 !!! Its an income chargeable to I.Tax and to be charged under IFOS

i.e. income from other source and not capital gain !!!

Leave a Reply

Recent Topics :

Related Topics :