Taxability on forfeited amount

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..... Taxability on forfeited amount
Query (Issue) Started By: - Anup Kumar Grover Dated:- 11-7-2009 Last Reply Date:- 12-7-2009 Income Tax
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Income Tax
An Assessee has received an ad .....

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..... vance 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 Reply .....

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..... By Dinesh Gupta: The Reply: 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 f .....

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..... rom the cost of purchase of such assets and shall be taxed in the year of actual sale.
Discussion Forum - Knowledge Sharing .....

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