Question

Mr. Ali bought a golden ring on
17.08.2018 for Rs. 20,000. He sewn a
diamond worth Rs. 25,000 on the
ring on 01.05.2019. He sold the ring
on 01.08.2019 for Rs. 80,000 and
paid brokerage of Rs. 5,000.
Calculate his income from capital
gain for the Assessment Year (AY)
2020-21.​

Answer 1

Step-by-step explanation:

first add the money mr ali spend on the ring

and subtract it from rs 80,000

and also subtract the brokerage

and the money left with him is the profit

so he spend 50,000on the making of ring and got a profit of rs 30,000