Amjad had purchased a house in 20X1 for Rs. 30 million. On 1.7.20X6, Amjad entered into an agreement with Aslam for sale of the house for Rs. 35 million. As per the terms of the agreement, Amjad received Rs. 5 million on the day the contract was signed and balance amount was to be paid on 30.9.20X6. However, due to financial difficulties, Aslam failed to pay the balance amount on the due date and consequently, Amjad forfeited the advance in accordance with the terms of the agreement. On 15.2.20X7 Amjad sold the house to Zohaib for Rs. 40 million.Required: Advise Amjad about the taxability of the above transaction under the Income Tax Ordinance, 2001.

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This question have of nuumerical tax subject if you will solve with working than i will give you positive rating otherwise i also can click on negative rating thankyou