capital gain advance money
Vedangi Deshmukh (112 Points)
29 October 2017In fy 17-18 he sold his property.
What will be the tax treatment of advance money forfeited ??
Vedangi Deshmukh (112 Points)
29 October 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177852 Points)
Replied 29 October 2017
Though capital receipt, but advisable to offer for assessment under Income From Other Sources.....
Jay P
(30 Points)
Replied 29 October 2017
Vedangi Deshmukh
(112 Points)
Replied 29 October 2017
Vedangi Deshmukh
(112 Points)
Replied 29 October 2017
RAMESH ADIGOPPULA
(CA Student)
(22 Points)
Replied 12 February 2018
We consider the date of advance is received , if it is before 1-4-2014 deduct from COA and if it is after 1-4-2014 it wil be treated as IFOS.