Income-tax Act : Advance money received Indian Bare Acts :

Income-tax Act,1961

Act No : 43

Section : Advance money received

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.