(b) Mrs. Priya sells her gold bracelet on
1-5-2018 for Rs. 5,00,000 which was
acquired for Rs. 40,000 on 1-3-2000.
Expense incurred at the time of sale
was 2,000. Compute Capital Gain
incurred. (Index Rate 2018-280 and
2000-113)
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Answer:
Calculation of amount of depreciation
Calculation of loss on sale
Original cost of fruniture on 01.10.2015
Rs.20,000
Less : Depreciation for 4 year from 01.04.2011m to
31.04.2015 (no depreciation for the year of sale
@10% p.a. on original cost
8,000
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Value as on 01.10.2015
12,000
Sale price
5,000
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Loss on sale
Depreciation for the year 2015-16
10%
o
f
Rs. 30,000,(Rs. 50,000-Rs. 20,000) for full year
3,000
10%
o
f
Rs. 20,000 for 6 month
1,250
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