Mr A is in trading business of Land & Property. He has purchased a land for rs. 8lcas & its stamp duty value of rs. 10lacs and there is a difference of rs 2lacs. Which is taxable. Now the question is
1) whether he can enhance the value of land to 10lacs in his book?
2) if sales the same land subsequently what will be its cost 8lacs or 10 lacs?
Please reply
CAclubindia
