Mr. X is the owner of two houses. The first house was occupied by him for self
residence. He purchased this house in 1999 for Rs 56,000. Its fair market value on
1 April, 2001 was Rs 4,70,000, He spent Rs 3,000 on its improvement on 10-9-
2019 and sold it on 30th November, 2019 for Rs 20,40,000. From the sale
proceeds, he had purchased another house for his residence on 25th February, 2019
for Rs 7,00,000.
The second house was purchased by him in 1998-99 for Rs 2,25,000. This house
is let out for residential purposes. However, during the previous year 2019-20, he
sold this house on 15th June, 2019 for Rs 12,00,000. He had purchased some
jewellery in 2005-06 (CII-117) for Rs 75,000. On 22nd February, 2020 he sold
this jewellery for Rs 8,00,000 and purchased new jewellery worth Rs 75,000 on
15th March, 2020. FMV of the house on 1-4-2001 was also Rs 2,25,000
You are required to determine the taxable capital gains of Mr. X, for the
assessment year 2020-21. The cost inflation index are: 2001-02 - 100; 2019-20-
289
I.
What are the incomes chargeable under income from other sources?
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