Income tax

nilesh (proprietor ) (174 Points)

15 April 2014  

my colleage had bought a flat at ts 400000/- (four lakhs) agrreement value in 2001

now he wants to sell of which agreement  value will be 6000000/- (sixty lakhs)

he will invest 3000000/- (thirty lakhs ) in property 

is he liabale for any taxes