An individual purchased a painting on 01-11-2017 for Rs. 5,00,000 though fair marketvalue of the asset is `5,25,000. Income taxable u/s 56(2)(x) is:

The provision of sec. 56(2)(x) is not applicable for any transaction entered during P.Y. 2017-18.

Rs. 25,000 i.e., difference between market value and actual consideration

Nil as difference between market value and actual consideration does not exceed Rs. 50,000

An individual purchased a painting on 01-11-2017 for Rs. 5,00,000 thou

1.	An individual purchased a painting on 01-11-2017 for Rs. 5,00,000 though fair marketvalue of the asset is `5,25,000. Income taxable u/s 56(2)(x) is:
A.	Rs. 25,000 i.e., difference between market value and actual consideration
B.	Nil as this is not gift
C.	Nil as difference between market value and actual consideration does not exceed Rs. 50,000
D.	The provision of sec. 56(2)(x) is not applicable for any transaction entered during P.Y. 2017-18.
Answer» D. The provision of sec. 56(2)(x) is not applicable for any transaction entered during P.Y. 2017-18.