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Taxability on forfeited amount, Income Tax |
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Taxability on forfeited amount |
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An Assessee has received an advance against property, on non payment of balance consideration, the advance is forfeited, whether this forfeited amount is subject to Income Tax in the year, in which it is received/forfeited Posts / Replies Showing Replies 1 to 1 of 1 Records Page: 1
It depends on the nature of property. If the property is in the nature of capital asset and liable to be taxed as Capital Gains, the amount so forfeited shall be deducted from the cost of purchase of such assets and shall be taxed in the year of actual sale.
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