Hi,
My father enetred into sale agreement for our land with a buyer for around 10,000,000. The possesion was given to the buyer.The transaction was supposed to be completed within 1 year. However, he died during this period. The buyer started demanding more time. He deposited 60% of the money as advance with us.However, he is now not ready to pay full amount now citing various reasons. His payment cheques got bounced. As a result the sale deed has not been completed yet. s I am living abroad, I could not initiate legal proper legal proceeedings apart from sending notice regarding forfiet of advance. This deel is stuck around 8 years now.
My question is regarding usage of advance money. Are there any restrictions of using this money?
I have partly gifted money abroad on my wife's name. Is that money taxable now.?
