Ram received a land from his friend for INR 23,50,000. Stamp duty value of the land is INR 25,00,000. Amount taxable under the head income from Other Sources shall be ___________________.
a. INR 1,50,000 b. INR 50,000 c. INR 1,25,000 d. Nil
D. Nil
a. Rs. 1,50,000/- INR
Section 56(2)(vii)
(b) any immovable property,—
(i) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property;
(ii) for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds such consideration:
Hence, (25-23.50) Lac, I.e. Rs 1.50 lac will be part of total income U/H "Income from other Source"
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