Rakesh acquired a motor car for ₹ 3,00,000 from his friend (non-relative) when the fair market value of the motor car was ₹ 5,00,000. The amount liable to tax in the hands of Rakesh from the transaction is:
CS Executive · Tax Laws and Practice · PYQS · June 2017
Rakesh acquired a motor car for ₹ 3,00,000 from his friend (non-relative) when the fair market value of the motor car was ₹ 5,00,000. The amount liable to tax in the hands of Rakesh from the transaction is:
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D).
Topics: Income Tax
Related Questions in this Topic
- Senthil employed in a nationalized bank incurred ₹60,000 towards medical expenditure of his parent who is a senior citiz...
- Income tax assessment of Kuber was completed on 15-12-2018 for the assessment year 2016-17. There is an error apparent i...
- Income tax assessment of Ajay was completed determining the income at ₹8,40,000 as against the returned income of ₹5,40,...
- A resident having transaction with a non-resident who has filed form 35D for advance ruling, can withdraw the applicatio...
- When the Advance Pricing Agreement (APA) has been entered into, it is valid for not more than __________ consecutive pre...