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Advance Money Forfeited - Sec. 51

Income Tax - Capital Gains - 24 - SEC - 51: ADVANCE MONEY FORFEITED Where any capital asset was on any previous occasion the subject matter of negotiations for its transfer, and any advance money or other money received is forfeited by the assessee, .....

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D BY SELLER ON OR AFTER 01-04-2014 As per Sec. 56(2)(ix) Any sum of money received as an advance or otherwise in the course of negotiations for transfer of a capital asset, if, such sum is forfeited and the negotiations do not result in the transfer .....

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