Chatterjee received ₹1 lakh towards advance for sale of his residential house to Xavier on 10-11-2018. As the buyer Xavier could not pay the balance amount of consideration within 3 months, Chatterjee forfeited the advan
CS Executive · Tax Laws and Practice · PYQS · December 2019
Chatterjee received ₹1 lakh towards advance for sale of his residential house to Xavier on 10-11-2018. As the buyer Xavier could not pay the balance amount of consideration within 3 months, Chatterjee forfeited the advance money in accordance with the sale agreement. The advance money forfeited is:
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Income Tax
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