Mcq

Utilise 2 crores for residential house property under section 54 Balance 50 lakhs for jewelry under section 54F. Net sale consideration for jewelry is Rs. 2.98 crores and capital gain is Rs. 98 Lakhs. Exemption is 98 Lakhs x 50 Lakhs /2.98 crores. Exemption is Rs. 16,44,295 Taxable capital gain = Rs. 98,00,000 - Rs. 16,44,295 = Rs. 81,55,705

Yoga Vishnu

CA Final

★ 11K+

10-May-22 16:55

Thank you mam

Thread Starter

Umayal Lakshmanan

CA Final

★ 6K+

10-May-22 17:57

Mam, in this question they didn't talk about 50lakhs mam, so should we assume that it is utilised for jewellery.

Thread Starter

Umayal Lakshmanan

CA Final

★ 6K+

10-May-22 17:57

I can't understand how 50lakhs is utilised for jewellery mam

Thread Starter

Umayal Lakshmanan

CA Final

★ 6K+

10-May-22 18:06

He utilised 2.5 Crores for construction of house. Apply 2 crores for sale of residential house and balance 50 lakhs for jewellery

Yoga Vishnu

CA Final

★ 11K+

10-May-22 18:08

Ok mam. Thank you mam

Thread Starter

Umayal Lakshmanan

CA Final

★ 6K+

10-May-22 19:07