Forfeited advance in capital asset negotiations treated as taxable income when negotiations fail to result in transfer. An amendment provides that any sum of money received as an advance or otherwise during negotiations for transfer of a capital asset shall be treated as an ... Summary
Forfeited advance in capital asset negotiations treated as taxable income when negotiations fail to result in transfer.
An amendment provides that any sum of money received as an advance or otherwise during negotiations for transfer of a capital asset shall be treated as an assessable receipt if the sum is forfeited and the negotiations do not result in transfer, thereby bringing forfeited negotiation-stage receipts within the charge to tax under the Income-tax Act.
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