section 56(2)(X)(b)

Mr. G booked a flat in FY 2010-11 and made the payment of booking amount through banking channels. Total consideration to be paid for the flat was Rs.30 Lacs. The builder issued ‘Earnest Money Receipt’ for the same in FY 2010-11. Unregistered agreement was also entered into by the builder and Mr. G in F.Y. 2010-11. In F.Y. 2010-2011Mr. H real brother of Mr. G also transferred some amount from his bank account to Mr. G bank account  for making the payment to the builder. Subsequently sum of the installments were paid from joint account of Mr. G and Mr.…

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