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:
A. ₹ 3,00,000
B. ₹ 2,00,000
C. ₹ 1,50,000.
D. Nil
Answer:D
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:
A. ₹ 3,00,000 B. ₹ 2,00,000 C. ₹ 1,50,000. D. Nil