Q5. Mr. Harsh is a manufacturer of plastic fitings
50.000
used in construction of buildings His stock and machinery were damaged and destroyed in a fire accident. The value of stock lost total damage) was Rs9,75,000. Some parts of the machinery could be salvaged which were later taken over by the insurance company to settle the claim. The WDV of the block consisting of machinery as on 1-4-2019 was Rs16,20,000. Mr. Harsh received Rs. 7,20,000 towards loss of stock and Rs.9,00,000 towards damage of machinery from the insurance company
He had purchased a vacant land at a cost of 1160 lakhs in the financial year 2003-04 Registration and other expenses were 10. He constructed residential building on the said land for Rs.75 Lakhs during financial year 2005-06. He entered into an agreement for sale of the said building with Mr. Vasu in August, 2015. The sale consideration was fixed at Rs. 400 lakhs and on the date of agreement, Mr. Harsh received Rs.15 lakhs as advance in cash. However, Mr. Vasu could not arrange the money on the due date, hence the advance paid by him was forfeited by Mr. Harsh. He further entered into an agreement with Mr. Raathi to sell the house for Rs420 Lakhs. The sale deed was executed and registered on 15-02-2020 for the agreed consideration, but the stamp duty value of the property was fixed at Rs 450 lakhs. Mr. Harsh paid 1% brokerage on sale consideration received. Subsequent to sale, Mr. Harsh made the following investments
1. Acquired a residential house at Delhi for Rs. 60 lakhs
2 Acquired a residential house at Dubai for Rs 30 lakhs 3. Subscribed to NHAI bonds: Rs 45 lakhs on 30-05-2020 and R. 15 lakhs on
07-07-2020
Compute the income chargeable under the head Capital Gains for assessment year 2020-21. The choice of exemption must be in the manner most beneficial to the assessee indicating clearly the reasons for it. Also explain the tax treatment of advance money re V received and retained by Mr. Harsh.
(Cost inflation index: FY 2003-04:109, FY 2005-06: 117, 2019-20: 289)
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