I have 2 doubts : -
1. I recently bought an Agricultural Land (which is all by definations is agricultural) around 1 month back for 2,00,000 now I am plannong to sell it someone else for 5,00,000. Is this gain is taxableor expemt and if taxable then under what rate and head?
Please explain the same
2. I have a commercial land which i bought 2 years back for 3,00,000 and now I entered into an agreement with someone to sell it for 20,00,000 for which I have received an advance money of 4,50,000. But the buyer has denied to purchase it as the land prices have gone down and has asked me to forfiet the money. Is this money taxable, or what other treatment needs to be done.
Thnxx
CAclubindia
