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7. Mr. Ajay is found to be the owner of two gold chains of 50 gms each (market value of which is 1,45,000 each) during

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7. Mr. Ajay is found to be the owner of two gold chains of 50 gms each (market value of which is 1,45,000 each) during the financial year ending 31.3.2021 but he could offer satisfactory explanation to the Assessing Officer for 50,000 spent on acquiring these gold chains. As per section 115BBE, Mr. Ajay would be liable to pay tax of

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