FACTS
MR A PURCHSED THE RESIDENTIAL HOUSE FROM NON RESIDENT MR B FOR AN AMOUNT OF RS 1 CR. HE HAS NOT DEDUCTED ANY TDS WHILE MAKING PAYMENT TO MR B. THE SAME HOUSE PURCHASED BY MR B FOR A CONSIDERATION OF RS 60 LACS.
QUESTION
1- WHAT WILL BE THE TAX LIABILITY OF MR A.
2- CAN A.O. IMPOSE TAX ON RS 100 CR OR AN AMOUNT CAME AFTER DEDUCTING COST OF ACQUISITION I.E. ON PROFIT OF RS 40 LACS.
CAclubindia
