Tax Provisions Relating To Receipt and Forfeiture Of Earnest Money

The provisions of the Income-Tax Act- section 51 deal with advance money received for transfer of a capital asset. As per the old provisions where any capital asset was on any previous occasion the subject of negotiations for its transfer, any advance or other money received and retained by the assessee in respect of this kind of negotiations shall be deducted from the cost of acquisition of the asset/WDV or… Read More »Tax Provisions Relating To Receipt and Forfeiture Of Earnest Money