Mr. X took possession of property on 31st August 2020 booked by him three years back at ₹ 25 lakhs, The Stamp Duty Value (SDV) of the property as on 31st August 2020 was ₹ 31 lakh and on date of booking it was ₹ 29 lakh. He had paid ₹ 2 lakh by A/c payee cheque as down payment on date of booking. Which of the following will be considered as income, if any, and in which previous year?
A. ₹ 4 lakhs in P.Y. 2020-21
B. ₹ 4 lakhs in P.Y. 2017-18
C. ₹ 6 lakhs in P.Y. 2020-21
D. No income shall be taxable
Answer:A
Mr. X took possession of property on 31st August 2020 booked by him three years back at ₹ 25 lakhs, The Stamp Duty Value (SDV) of the property as on 31st August 2020 was ₹ 31 lakh and on date of booking it was ₹ 29 lakh. He had paid ₹ 2 lakh by A/c payee cheque as down payment on date of booking. Which of the following will be considered as income, if any, and in which previous year?
A. ₹ 4 lakhs in P.Y. 2020-21 B. ₹ 4 lakhs in P.Y. 2017-18 C. ₹ 6 lakhs in P.Y. 2020-21 D. No income shall be taxable