student
92 Points
Posted on 21 March 2019
anand is a property dealer and he sold a building in the course of his business to his friend kumar for 50 lakhs ,who is a dealer of vehicles. the stamp duty value on the date of registration was 90 lakhs. Mr. anand received down payment of 20 lakhs by cash on the date of agreement. the stamp duty value on the date of agreement was 70 lakhs. discuss the tax implications in the hands of anand and kumar assuming that anand purchased the building for 40 lakhs
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