All & All is a charitable trust registered under the Income-tax Act, 1961. It acquired a vacant land for ₹8,40,000 from Allen. The stamp duty value of the land was ₹10,20,000. How much will be added to the income of
CS Executive · Tax Laws and Practice · PYQS · December 2019
All & All is a charitable trust registered under the Income-tax Act, 1961. It acquired a vacant land for ₹8,40,000 from Allen. The stamp duty value of the land was ₹10,20,000. How much will be added to the income of the trust towards purchase of property for inadequate consideration ?
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Income Tax
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