Mr. A entered into an agreement with Mr. B for Sale of Building for ₹ 35 Lakhs in June 2023 and received advance of ₹ 3 Lakhs. As a condition of this agreement if the agreement has been cancelled advance money would have
CS Executive · Tax Laws · PYQS · December 2024
Mr. A entered into an agreement with Mr. B for Sale of Building for ₹ 35 Lakhs in June 2023 and received advance of ₹ 3 Lakhs. As a condition of this agreement if the agreement has been cancelled advance money would have been forfeited. The agreement has been cancelled in August 2023 and that advance have been forfeited. This advance money is:
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Income Tax Act
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