Aman entered into an agreement with Brij for the sale of a building for ₹ 20 lakh in June 2020. Aman received an advance of ₹ 2 lakh. Subsequently, the agreement was canceled and Aman forfeited the advance money. The advance money is
Question:Aman entered into an agreement with Brij for the sale of a building for ₹ 20 lakh in June 2020. Aman received an advance of ₹ 2 lakh. Subsequently, the agreement was canceled and Aman forfeited the advance money. The advance money is
1.To be reduced from the cost of acquisition
2. To be reduced from the indexed cost of acquisition
3.Taxable as capital gains
4.Taxable as income under the head’s income from other sources.
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