1. Mr. Natwar inherited a house from his father on 1st June 2012 when the fair value of the house was Rs. 30,00,000. This house was acquired by his father on 25th August 2002 for Rs. 7,00,000. Mr. Natwar's father incurred Rs. 1,00,000 towards repairs and colouring of the property on 15th September 2008 and the entire expense was paid in cash by his father. This house was sold by Mr. Natwar on 20th January 2019 for Rs. 45,00,000 by paying brokerage @ 1% of the sale value. Mr. Natwar's father planned to sell this house during 2009-10 and received Rs. 20,000 as advance in this respect, but the buyer backed out and the amount was forfeited. On 17th April 2018 Mr. Natwar received Rs. 50,000 towards advance for sale of this house but the transaction did not go (15 marks) through and he returned Rs. 15,000 to the other party and forfeited the balance.