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| Home > Indian Bare Acts > Income Tax Act - 1961 > Advance money received. |
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| Income Tax Act - 1961 |
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Title : Income Tax Act - 1961
Year : 1961
Act :
51. Advance money received. Where any capital asset was on any previous occasion the subject of negotiations for its transfer, any advance or other money received and retained by the assessee in respect of such negotiations shall be deducted from the cost for which the asset was acquired or the written down value or the fair market value, as the case may be, in computing the cost of acquisition.
Last updated on February, 2008
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