Kindly Help
Mr A received some advance for sale of land from Mr B in the year 2006-07.
Now. B asks A to register the land in the name of Mr C in the year 2007-08.
A gets his consideration from C and returns the advance received earlier to B.
In the meantime, A had purchased an agricultural land in 2006-07.
My query is whether any capital gain will arise on it and can we show that th land purchased is from the advanced received so that we can get exemption.
CAclubindia
