Taxation of forfeited advance payments in failed capital asset transfers as income from other sources.

The amendment inserts clause (ix) into section 56(2) to provide that any sum received as an advance or otherwise during negotiations for transfer of a capital asset, if forfeited and the negotiations do not result in transfer, shall be chargeable to income-tax under the head income from other sources; the provision takes effect from the stated commencement and applies to assessments for the operative period following commencement.

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