Can anyone plz explain the concept of Sec 51 ie Treatment of Advance Money recieved by the assesse?
Menu
Plz explain sec 51
Replies (1)
Section 51 of the Income-tax Act, 1961 provides that any advance forfeitedby the seller of a property is deductible from the cost of the asset.
Theeffect of this provision is that subsequently when the same asset is sold,
a larger amount becomes taxable as capital gains in view of the original costbeing reduced to the extent of the amount forfeited.
Recent Topic
- Input tax credit under igst under insurance compan
- ITR Form to be used
- CGAS account Holder Deceased
- ITR form suggestion
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
Related Topics
CAclubindia
