Mr. Shiv Aggarwal is married with Ambika Aggarwal. He has gifted a house property to his wife on 15/03/2024. The stamp duty value of the said…

Mr. Shiv Aggarwal is married with Ambika Aggarwal. He has gifted a house property to his wife on 15/03/2024. The stamp duty value of the said property on the date of gift was 80 lakhs. The said house was let out by Mrs. Ambika Aggarwal for a period of 15 months, w.e.f. 01/04/2024 at monthly rent of 50,000/- to Mr. Suresh Kumar. There is no payment of property tax in the financial year 2024-25. Mr. Shiv Aggarwal also gifted 2,000 debentures of 500 each of RR Limited to his wife Mrs. Ambika Aggarwal on 01/04/2024. M/s RR Limited credited interest of 1,00,000/- on these debentures on 30/03/2025 in the bank account of Mrs. Ambika Aggarwal. Mrs. Ambika Aggarwal does not have any other source of income. Mr. Shiv Aggarwal in respect of a piece of land owned by him, entered into a registered agreement for development of a real estate project in the financial year 2020-21 with M/s XYZ Ltd, a real estate developer. As per the terms of the agreement, Mr. Shiv Aggarwal was entitled to receive one constructed flat in the project besides cash consideration of 30,00,000/- in the year of completion of project. The certificate of completion of the project is issued by the competent authority in the financial year 2024-25. Mr. Shiv Aggarwal received one of the constructed flat and cash consideration (as agreed) from XYZ Limited during the financial year 2024-25. The cash consideration was received in the form of an account payee bank draft. The stamp duty value of the said flat on the date of the payment of cash consideration was - 28,00,000/-. Mr. Shiv Aggarwal purchased 400 shares of G. Ltd (a listed company) on 14.06.2017 at a cost of 450 per share. He sold all the shares of G. Ltd. on 01.07.2024 through National Stock Exchange for 5,00,000/-. The applicable security transaction tax was also paid. The price at which these shares were traded in National Stock Exchange on 31.01.2018 is as follows: Particulars Amount in ₹ Highest Trading Price 710 Average Trading Price 695 Lowest Trading Price 680 In respect of the Assessment Year 2023-24, in case of Mr. Shiv Aggarwal, the Assessing Officer had in its possession the information in respect of the undisclosed foreign asset under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The said information has been enclosed with a notice for the assessment year issued and served u/s 148A(1) of the Income-tax Act to Mr. Shiv Aggarwal. However, the notice u/s 148 has still not been issued for the assessment year. From the facts given in the case study, choose correct answer to following Multiple Choice Questions (MCQ. No. 1 to 4):