CHP 12: AUDIT UNDER FISCAL LAWS- APP. OF TAX AUDIT LIMIT

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Incs. 10.1 Pg no 147 FY 20-21 co purchased a plot of land having stamp duty value RS 3100000 and consideration 3000000:

Why Ans is :”D” instead of C.

is this ans. Amended? and if amended then how we calculate the diff.of 10% consideration?

Question Tags: Incs 10.1 Pg 147

1 Answers

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Ravi Staff answered 12 months ago

Difference 1,00,000
Consideration 30,00,000
10℅ is 3,00,000
Difference upto 3,00,000 is acceptable
So it will not be treated as gift and no reporting is required