Shourya purchased a painting from a registered dealer for ₹ 6,50,000 whose fair market value was ₹ 7,80,000. The invoice was of ₹ 6,50,000. The amount taxable u/s 56(2)(will be:
A. 7,80,000
B. 1,30,000
C. 6,50,000
D. Nil as purchase from a registered dealer, the invoice value is the fair market value
Answer:D
Shourya purchased a painting from a registered dealer for ₹ 6,50,000 whose fair market value was ₹ 7,80,000. The invoice was of ₹ 6,50,000. The amount taxable u/s 56(2)(will be:
A. 7,80,000 B. 1,30,000 C. 6,50,000 D. Nil as purchase from a registered dealer, the invoice value is the fair market value