What to do with unclaimed Earnest Money Deposits? Can that be convert
08-Apr-2023 (In Banking / Finance Law)
What to do with unclaimed Earnest Money Deposits? Can that be converted into income?
1. Is it unclaimed by the party even after expiration of contingencies? Or backing out?.
2. It is the absolute taxable income.
3. Here you did not mention the quantum of deposits. For more info. discuss with local lawyer for the same.
2. It is the absolute taxable income.
3. Here you did not mention the quantum of deposits. For more info. discuss with local lawyer for the same.
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