06 September 2014

Forfeiture of advance money

Forfeiture of advance money against capital asset is now treated as income U/s 56(2)(ix) w.e.f. A.Y. 2015-16. But if any advance money is forfeited against any rural agricultural land then it cannot be treated as income U/s 56(2)(ix) because rural agricultural land is not a capital asset.
(urban agricultural land is a capital asset but rural agricultural land is not a capital asset).

1 comment:

  1. Any notification , court cases to support

    ReplyDelete

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