capital gain
tanvi jain (23 Points)
02 August 2019
what is the concept of advance money forfeited under section 51?
3 Replies
CA PREM KUMAR
(Chunduru & Co)
(296 Points)
Replied 02 August 2019
will be taxed under income from other source under section-56(2)(ix)
DHRUV PATEL
(5 Points)
Replied 02 August 2019
advance forfeited money is not taxed in the year when it forfeit but it will deduct from the cost of asset.
Aman Shivharey
(78 Points)
Replied 03 August 2019
if advance is recieved before 2014 april then it will be deducted from COA of asset and if it recieved after apr2014 then it has to be shown as income from other sources
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