Mr. Sunny Gupta (aged 34 years) in respect of a piece of land owned by him, entered into a registered agreement for development of a real estate…

Mr. Sunny Gupta (aged 34 years) 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 2021-22 with M/s Yen Ltd, a real estate developer. As per the terms of the agreement, Mr. Sunny Gupta was entitled to receive one constructed flat in the project besides cash consideration of 32,00,000/- in the year of completion of project. The certificate of completion of the project is issued by the competent authority in the financial year 2025-26. Mr. Sunny Gupta received one of the constructed flat and cash consideration (as agreed) from Yen Limited during the financial year 2025-26. 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 - 29,00,000/-. Mr. Sunny Gupta is married with Avni Gupta. He has gifted a house property to his wife on 24/03/2025. The stamp duty value of the said property on the date of gift was 80 lakhs. The said house was let out by Mrs. Avni Gupta for a period of 15 months, w.e.f. 01/04/2025 at monthly rent of 50,000/- to Mr. Suresh Kumar. There is no payment of property tax in the financial year 2025-26. Mr. Sunny Gupta also gifted 2,000 debentures of 500 each of Royal Limited to his wife Mrs. Avni Gupta on 01/04/2025. M/s Royal Limited credited interest of 1,00,000/- on these debentures on 30/03/2026 in the bank account of Mrs. Avni Gupta. Mrs. Avni Gupta does not have any other source of income. Mr. Sunny Gupta purchased 400 shares of Gear Ltd (a listed company) on 14.06.2017 at a cost of 450 per share. He sold all the shares of Gear Ltd. on 01.07.2025 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 2024-25, in case of Mr. Sunny Gupta, the Assessing Officer had in its possession the information in respect of the undisclosed income. 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. Sunny Gupta. 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 MCQ. No. 9 to 12: