On September 10,2022 he transfers his Ranchi house for Rs.64,00,000 (Stamp duty value is Rs. 66,30,000). Calculate his capital gain in the respective assessment years and exemptions under section 54.
On September 10,2022 he transfers his Ranchi house for Rs.64,00,000 (Stamp duty value is Rs. 66,30,000). Calculate his capital gain in the respective assessment years and exemptions under section 54.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
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Transcribed Image Text:Q5.
a) X (30 years) transferred jewellery on May 12,2020 (Sale consideration: Rs. 75,00,000,indexed
cost of acquisition Rs.30,00,000 and long term capital gain after expense deduction is Rs.
45,00,000). He purchases a residential house property on April 1, 2021 at Raipur for Rs
60,00,000.
On September 10,2022 he transfers his Ranchi house for Rs.64,00,000 (Stamp duty value is Rs.
66,30,000). Calculate his capital gain in the respective assessment years and exemptions under
section 54.
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