Mr. Pankaj, an Indian resident, purchased a residential house property at Kanpur on 20.08.1998 for 20.5 lakhs. The fair market value and the stamp…

Mr. Pankaj, an Indian resident, purchased a residential house property at Kanpur on 20.08.1998 for 20.5 lakhs. The fair market value and the stamp duty value of such house property as on 1.4.2001 was - 28.5 lakhs and 25 lakhs, respectively. On 05.02.2016, Mr. Pankaj entered into an agreement with Mr. Gyan for the sale of such property for 61 lakhs and received an amount of 2.5 lakhs as advance. However, as Mr. Gyan did not pay the balance amount, Mr. Pankaj forfeited the advance. On 10.05.2023, Mr. Pankaj sold the house property to Mr. Rohan for 1.50 crores, when the stamp duty value of the property was 2 crores. Further, he purchased two residential house properties at Delhi and Mumbai for 57 lakhs each on 28.09.2024. Mr. Pankaj has no other income during the P.Y. 2023-24. On 31.01.2025, Mr. Pankaj decided to sell the house property at Mumbai to his brother, Mr. Gaurav, for 58 lakhs, from whom - 25,000 was received in cash on 15.01.2025 as advance for signing the agreement to sale. Sale deed was registered on 30.03.2025 on receipt of the balance amount through account payee cheque from Mr. Gaurav. The stamp duty value of house property at Mumbai on 31.01.2025 and 30.03.2025 was 61 lakhs and 64 lakhs, respectively. Cost inflation index P.Y. 2023-24: 348; P.Y. 2015-16: 254; P.Y. 2001-02: 100