Forfeited Advance against capital assets shall be treated as Income From other source:Budget 2014: Existing Provision : The existing provisions of section 51 provide that any advance retained or received shall be reduced from the cost of acquisition of the asset or the written down value or the fair market value of the asset.The existing provisions contained in section 56 of the Act provide that income of every kind which is not to be excluded from the total income under the Act... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]
Posted on: Sun, 13 Jul 2014 04:17:06 +0000