Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights February 2015 Year 2015 This

Advance for the sale of property - receipt cannot be brought to ...

Income Tax

February 7, 2015

Advance for the sale of property - receipt cannot be brought to tax in the hands of assessee as (a) he is not owner of the property (b) he was not trading in the said property (c) it is not received in the year under consideration. - AT

View Source

 


 

You may also like:

  1. Capital Gain in hand of GPA holder - the recitals in the GPA show that the assessee is not the owner of the property but has only been granted authority to convey the...

  2. Undisclosed income - since the advances made to boat owners was subject to tax out of which fish was supplied and Same was sold and the sale proceeds was shown as...

  3. Capital gain - legal owner of property - entire funds at the time of purchase of property was paid by his son the entire sale consideration is also received by her son -...

  4. Addition u/s 69A - Source of Cash deposit - Assessee contended that same is received in advance against the sale of property - Levy of penalty u/s 271D - The ITAT held...

  5. Recovery of tax dues - Right of auction purchaser of the property - Since the petitioner had purchased in the auction sale conducted by the bank under the provisions of...

  6. LTCG on sale of property - Power of attorney (POA) holder of the non-resident assessee - It is clearly evident that those properties are not belonged to the assessee and...

  7. Capital gains - Nature of receipt - assessee was not the owner of the property but had the control over property - assessee has received a portion of the sale...

  8. Income earned by the sale of the property - taxability lies in the hands of assessee AOP or the members of the assessee AOP - - it was the members of the assessee AOP...

  9. Capital gain - Taxability in the hands of GPA holder - the sale deed executed by the assessee on 04.01.2011 is not in the capacity of GPA holder on behalf of the...

  10. Disallowance u/s 54F - Investment of Sale consideration for claiming exemption on LTCG - Advance was given for purchase of new residential property but the transaction...

  11. Trading receipt - refundable contingency deposit representing sales tax collected in respect of disputed transactions during pendency of appeal before court - held as...

  12. Deemed dividend u/s 2(22)(e) - assessee is a major share holder in loan granting company - Advance given for purchase of property - The words “loans or advances”...

  13. Addition u/s 68 r.w.s 115BBE - As cash receipts represent the sales which the assessee has rightly offered for taxation. We have gone through the trading account and...

  14. The assessee was treated as deem owner for the limited purpose of claiming of depreciation. As such, assessee-company never became the owner of the land and building....

  15. Capital gain - real owners of property/asst - 13 members of this society are the owners of the capital asset - Capital gain shall always be chargeable to tax only in the...

 

Quick Updates:Latest Updates