Question

During the previous year 2018-19 an assessee sells the following assets:

Bonds (listed) Gold Plot

Date of sale March 31, 2019 April 10, 2018 May 17, 2018

Date of acquisition April 10, 2002 June 3, 1990 April 10, 2002

Sale consideration Rs. 60,000 Rs. 5,45,500 Rs. 2,10,000

Cost of acquisition Rs. 44,000 Rs. 20,000 Rs. 80,000

Fair market value on April 1, 2001 - 1,40,000 -



Income from other sources Rs. 1,70,000, donation to approved charitable trust Rs. 3,000. The assessee deposits in the

public provident fund Rs. 16,000. The cost inflation indices for the years 2001-02, 2002-03, 2003-04, and 2018-19 are

100, 105, 109 and 280 respectively.

Find out the tax liability of the assessee.​

Answer 1

Question:

During the previous year 2018-19 an assessee sells the following assets:

Bonds (listed) Gold Plot

Date of sale March 31, 2019 April 10, 2018 May 17, 2018

Date of acquisition April 10, 2002 June 3, 1990 April 10, 2002

Sale consideration Rs. 60,000 Rs. 5,45,500 Rs. 2,10,000

Cost of acquisition Rs. 44,000 Rs. 20,000 Rs. 80,000

Fair market value on April 1, 2001 - 1,40,000 -

Income from other sources Rs. 1,70,000, donation to approved charitable trust Rs. 3,000. The assessee deposits in the

public provident fund Rs. 16,000. The cost inflation indices for the years 2001-02, 2002-03, 2003-04, and 2018-19 are

100, 105, 109 and 280 respectively.

Find out the tax liability of the assessee.

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