Tax liability under revised section 51

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  1. Ajit Garg

    Ajit Garg New Member

    Sir, I made a deed for sale of my plot 200 Sq yard (Purchased in 2007 for Rs 4,00,000/-) and got Advance money of Rs 6,00,000/- on 15/01/2015 out of total sale amount of Rs 24,00,000/-.The buyer has to pay the balance amount of 18,00,000/- by 30/04/2015.Now the buyer is unable to pay balance amount and his 20% of total sale deed amount ie 4,80,000/- is to be forfeited i.e. out of Advance amount of Rs 6,00,000/- I have to return 1,20,000/- and 4,80,000/- is to be forfeited. What is the tax liability on this amount of Rs 4,80,000/- I have drawn salary of 7,00,000/- in year 2014-15.
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    The amount forfeited by you i.e. Rs. 4,80,000 would be treated as your additional Income and taxed under head Income from Other Sources.
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