withdrawal of a flat by partner

On 8-11-2016 at 7 p m  , a partner withdrew a flat out of stock in trade  of that firm at cost [mkt value was 10 times] The same was regd later in his name with a proper stamp duty on mkt value[10 times cost] is it liable to any tax under the Income Tax Act? Is it covered by PMLA ?        

► Read Answer