Kant, is engaged in the business of purchase and sale of pieces of various lands. During the F.Y. 2018-19, he sold pieces of lands for ₹32 lakh. All these sales were made through cheques and Electronic Clearing System (E

CS Executive · Tax Laws and Practice · PYQS · June 2019
Kant, is engaged in the business of purchase and sale of pieces of various lands. During the F.Y. 2018-19, he sold pieces of lands for ₹32 lakh. All these sales were made through cheques and Electronic Clearing System (ECS). The valuation of these pieces of lands for stamp duty purpose was ₹41 lakh. He wants to pay tax on the income as per section 44AD. The income as per this section for A.Y. 2019-20 shall be:
(A) ₹2,46,000
(B) ₹3,28,000
(C) ₹2,56,000
(D) ₹1,92,000

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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