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Advance Money Forfeited - Sec. 51

Income Tax - Capital Gains - 24 - SEC - 51: ADVANCE MONEY FORFEITED As per Finance Act 2014, section 51 is applicable for advance money or other money forfeited by seller up to 31-03-2014. Section 51 states as under: 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, then the amount so forfeited shall be deducted from The cost for which the asset was acquired or The .....

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