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Q. > Please Help: CAPITAL GAIN
whether money forfeited due to non payment of full amount on sale of property would be capital receipt in the hand of seller ? Not taxable or what would be the tax treatment at the actual sale of that property
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JAGDISH DHAMIJA
16-Jan-2013 , 11:16:49 amyes, it will be capital receipt in the hand of seller and not taxable. At the time of actual sale the purchase amount of the property will be reduced by that forfeited amount and after that you will do indexation. i.e. Purchase value of property in 1981 500000 forfeited value in any year 200000 sale value of property in 2012 5000000 now you will calculate capital gain on the basis of following values: sale consideration 5000000 less : indexation value of 300000 i.e. 3000000x785/100 2355000 ------- capital gain 2645000 -------