Question

Mr. X purchased agricultural land on 01.05.1991 for ₹3,00,000 in urban area and its market value on 01.04.2001 is ₹2,00,000. This land was gifted by him to his son Mr. Y on 01.01.2013 when its market value was ₹15 lakhs. Mr. Y has transferred this land on 01.01.2022 for ₹40 lakhs (this agricultural land is used for agricultural purposes since its purchase) and he purchased one more agricultural land in rural area on 10th January 2022 for ₹2,50,000 and purchased one residential house on 31.01.2022 because he didn’t have any house in his name, for ₹7,00,000. He invested ₹1,00,000 in bonds of National Highways Authority of India redeemable after 5 years. The amount was invested on 30.06.2022. Compute his tax liability for the assessment year 2022-2​

Answer 1

Answer:

thanks

Explanation:

the answer is the very good