Section 51 of ITA, 1961 : Section 51: Advance Money Received
ITA, 1961
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Explanation using Example
Imagine Mr. Sharma enters into negotiations to sell his plot of land in 2021. The potential buyer gives him an advance of INR 10 lakhs to hold the property, but the deal falls through, and Mr. Sharma keeps the advance. Later in 2023, Mr. Sharma sells the land to someone else for INR 60 lakhs. The original cost of the land was INR 40 lakhs.
According to Section 51 of the Income-tax Act, 1961, when calculating the capital gains on the sale of the la...
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