Ganesh has sold a piece of land located at Jaipur for a consideration of ₹25 lakhs to Ram on 15-5-2020. Ram paid stamp duty of ₹3,00,000 @ 10% of the value determined by the Stamp Valuation Authority of the land. The lan
CS Executive · Tax Laws · PYQS · December 2021
Ganesh has sold a piece of land located at Jaipur for a consideration of ₹25 lakhs to Ram on 15-5-2020. Ram paid stamp duty of ₹3,00,000 @ 10% of the value determined by the Stamp Valuation Authority of the land. The land was purchased by Ganesh on 15.08.2019 for ₹12 lakh. Ganesh was not satisfied with the value determined by the authority and therefore his case was referred to valuation officer. The valuation officer determined the value of land at ₹26 lakhs. The taxable capital gains in hands of Ganesh in A.Y. 2021-22 will be:
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income Tax Act, 1961
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