A sold a immovable property to Mr. Y for ₹ 4,00,000 whereas the stamp duty valuation of the property as on the relevant date was ₹ 4,70,000 the value of gift u/s 56(2)(will be :
A. ₹ 4,70,000
B. ₹ 70,000
C. ₹ 50,000
D. Nil.
Answer:B
A sold a immovable property to Mr. Y for ₹ 4,00,000 whereas the stamp duty valuation of the property as on the relevant date was ₹ 4,70,000 the value of gift u/s 56(2)(will be :
A. ₹ 4,70,000 B. ₹ 70,000 C. ₹ 50,000 D. Nil.