Forfieture of advance money
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 May 2013
if any person made a agreement of sale of house then is their any restriction on percentage of money forfeited. example if house is agreed to sale for 1 crore then can any one forfeiture advance money of 50 lac.
And,
is any other tax consequences other than under capital gain original cost is reduced,
like tax under income from other source, etc
And,
is any other tax consequences other than under capital gain original cost is reduced,
like tax under income from other source, etc
CA Harish Suwalka
(Expert)
25 May 2013
it was once used as a way to dryclean the money, but these days Govt and IT Dept are very tough on these types of bogus transaction,
if the forfieted advance is beyond market standards , which are 5-10%, than you are inviting trouble.
if the forfieted advance is beyond market standards , which are 5-10%, than you are inviting trouble.
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