https://www.taxtmi.com/highlights?id=30665 Forfeiture of advance received against capital asset - Since the forfeiture amount is more than the cost of asset, the excess amount of forfeiture has to be brought to tax in the present year - and in the year of sale of that property, cost of acquisition should be taken at NIL to compute Capital Gain - AT en-us Mon, 08 Aug 2016 12:25:36 +0530 Mon, 08 Aug 2016 12:25:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=30665 Forfeiture of advance received against capital asset - Since the forfeiture amount is more than the cost of asset, the excess amount of forfeiture has to be brought to tax in the present year - and in the year of sale of that property, cost of acquisition should be taken at NIL to compute Capital Gain - AT Highlights Income Tax Mon, 08 Aug 2016 12:25:36 +0530 https://www.taxtmi.com/highlights?id=30665