Question

(M.D.U. B Com., 2000 & M.G.S. Uni. B.Com., 2004, 2019)
Ans. - Long term Capital gain Rs. 6,13,016.
4. Mr. Chetan sold a house property on Nov. 1, 2019 for Rs. 16,00,000. He had
entered into an agreement to sell the property to another prospective buyer on
May 1, 2009 for Rs. 9,55,000 and received Rs. 55,000 as an advance. But the
prospective buyer could not keep his promise and failed to pay the balance
amount within the stipulated time of two months and as per agreement Chetan
forfeited the advance amount and did not return to him.
Mr. Chetan got this property in gift on June 1, 2005 from his friend, Manoj.
Manoj also entered into an agreement with Ashok to sell this property on
October 1, 2003 and received a sum of Rs. 10,000° as an advance from him.
Ashok also could not keep his promise and the advance money was forfeited by
Mr. Manoj. Manoj has purchased the property on May 1, 1995 for Rs. 1,00,000.
On 13th April, 2019 he once again entered into negotiations for sale of the said
property to Mr. Mukesh and received Rs. 2,00,000 as advance. The transfer was
not materialised and hence the advance was forfeited. Mr. Manoj and Mr.
Chetani incurred the following expenses for additions, alteration and renewals
of the property-
Rs.
Addition of one room by Manoj during 1997-98
20,000
Addition of first floor by Manoj during 2003-04 'a
44,000
Addition of second floor by Chetan during 2010-11
1,26,500
F.M.V. of the property on 1-4-2001
1,26,500
The cost inflation index for the year 2003-04, 2005-06, 2010-11 and 2019-20 are
109, 117, 167 and 289 respectively.
Compute the amount taxable under the head 'Capital gain' of Mr. Chetan for the
assessment year 2020-21. [R.U. B.Com., 2016 & M.G.S.U. B.Com., 2017]
Ans. - Taxable income under the head capital gains Rs. 10,57,791.
inpo
1
A 10 M
17
please give me answer of this question with explanation
con​

Answer 1

Explanation:

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