Income from Capital Gain
- X purchased a piece of land on 4.1.1998 for Rs.4,00,000. This land was sold by him on 2.9.2018 for Rs.20,00,000. The market value of the land as on 1.4.2001 was Rs.5,11,200. Expenses on transfer were 2 % of the sale price. Compute the capital gain for the assessment year 2019-20.
Answer : Rs. 5,28640 - X purchased a piece of land on 5.6.2006 for Rs.8,00,000. This land was sold by him on 2.9.2018 for Rs.22,00,000. The market value of the land as on 1.4.2001 was Rs.5,11,200. Expenses on purchase were 2 % of the purchase price. Compute the capital gain for the assessment year 2019-20.
Answer : Rs. 3,27,213 - X acquired the property in the previous year 2002-03 for Rs. 20,40,000 and paid Rs.60,000 as registration charges. X died on 15.9.2013 and the property was transferred to his son Y through inheritances. The market value of property as on 15.09.2013 is Rs.10,00,000 Y sold this property on 31.5.2018 for Rs.70,00,000. Compute the capital gain for the assessment year 2019-20.
Answer : Rs. 8,66,667 - E purchased a house on 28.6.2005 for Rs.4,10,000 and paid Rs.10,000 for getting the property registered in his name. On 15.6.2006 he spent Rs. 1,80,000 on improvement of the house. The house was sold on 21.10.2018 for Rs.25,00,000. Commission of Rs. 45,000 was paid on the sale of the house. Compute the capital gain for the assessment year 2019-20.
Answer : 10,36,758 - Which of the following is not a capital asset ?
(a) Agricultural land situated in a village
(b) Goodwill of business
(c) Jewellery
(d) Car used for business purpose - Cost of Acquisition in case of bonus shares allotted before 1.4.2001 will be:
(a) Nil
(b) FMV as on 1.4.2001
(c) Rs. 10,000
(d) Cost of Original shares on the basis of which bonus shares are allotted. - Indexation benefit on Cost of acquisition is available on the long term capital asset. However, in certain cases, indexation benefit is not available. In which of the following cases, indexation benefit is allowed?
(a) Debentures issued by a company
(b) Self generated goodwill of a business
(c) Bonus shares allotted on 1.4.2000
(d) Jewellery - For availing exemption under section 54, which amount is eligible for availing
exemption?
(a) Purchase/Construction of a residential house property upto due date of return of income
only
(b) Deposit in capital gain account scheme upto due date of return of income only
(c) Purchase/Construction of a residential house property upto due date of return of income
and deposit in capital gain account scheme upto due date of return of income
(d) Purchase / construction after three years from the transfer date - Amount unutilized in the capital gain scheme for which exemption was claimed u/s 54 shall be treated as long-term capital gain of:
(a) Previous year in which period of 2 years has expired from the date of deposit
(b) In which period of 2 years has expired from the date of transfer
(c) In which period of 3 years has expired from date of deposit
(d) In which period of 3 years has expired from the date of transfer - The income from the sale of a machinery used in business is treated as:
(a) Income from business and profession
(b) Short-term capital gain
(c) Long-term capital gain
(d) Income from other sources - Exemption u/s 54 D is available if there is a compulsory acquisition of :
(a) Any land and building used by an industrial undertaking
(b) Land and building which has been used by the industrial undertaking for at least 2 years
(c) Long-term capital gain
(d) Income from other sources - If assessee whises to deposit money under capital gain scheme for claiming exemption under section 54, it should be deposited with in
(a) 2 years within date of transfer
(b) within Six month from end of relevant previous year
(c) one year before or 2 years after the date of transfer
(d) Due date of furnishing the return of income u/s 139 (1)