Question 4: Mr. Anand Prakash, a resident individual, aged 55 years, purchased 10 Plots in the financial year 2001-02 for 12 Lakh. On 1st April 2006, he started a business of property dealing and converted all 10 plots as stock in trade of his business and recorded the cost at * 40 Lakh in his books being the fair market value on 1st April 2006. On 31 March 2011, he sold all 10 Plots for 55 Lakh and purchased a residential house property for * 50 Lakh. He has constructed 2 rooms in this residential house in June 2011 and has spent 8 Lakh. He sold the above residential house on 5 Feb. 2019, for * 70 Lakh. The valuation adopted by Stamp valuation authority for the payment of stamp duty was 92 Lakh. On the request of Mr. Anand Prakash, Assessing Officer made a reference to the Valuation Officer. The Valuation Officer determined the value at * 95 Lakh. Mr. Anand Prakash paid brokerage 1% of sale consideration. Compute the total income and total tax liability of Mr. Anand Prakash for the AY 2019-20. (Cost Inflation Index: 2001-02:100, 2006-07: 122, 2010-11:167 , 2011-12:184 ,2018-19: 280) (Nov 2016]