Mr.

Vijay sold the following assets during previous year:

1. Gold ornaments acquired in July 2020 for 1,00,000
were sold for 1,20,000 in June 2022.
2007-08
2. Self- cultivated land was sold for 4.50,000 in June 2020 and its purchase price in
was 2,50,000. He purchases new land for cultivation in January 2023 for 4,25,000.
3. Maruthi Van sold on 1-12-2022 for 90,000which was purchased
by him in January 2022 for
1,40,000. Its written down value on 1-4-2022 was 1,00,000 (Van used for business)
4. Residential house purchased in July 1998 for 50,000 sold for for 16,00,000 on Ist January
invested 40,000
2023. During the year he purchased new residential house for 3,00,000 and
in specified bonds.
2022-23:331)
Compute taxable capital gains. CII 2001-02:100, 2007-08:129, 2020-2 1:301, and
 Wustrauon

From the following information provided by Mr. Sukumar compute his

taxable income fro.
capitalgains:
1. Urban land costing ? 2,00,000 (which was acquired in December 2012) was sold for
10.50.000 on 15th March 2023.
2. House holdfurniture costing 25,000 in Feb. 2022 was sold in March 2023 for 35.000.
3. House at Bangalore: let out for residential purposes. It was purchased by him in July 1995
for 80,000. FMV as on 1-4-2001 5,00,000. Sale price on 31st July 2022 20,20,000.Cost
of improvement made during 2008-09 40,000. Expenses on transfer are 30,000.
4. Motor car (used for professional purposes) was sold on 1-10-2022 for 42,000. Its W.D.V.
on 14-2022 was 38,000.
5. Shares of Tata Steel Ld., purchasedon 1-1-2021for 15,000 were sold for 30,000 in
March 2023; brokerage paid for the sale 300.
CII for 2001-02: 100, 2008 -09: 137, 2012 - 13 :200 2020-2 1:301 and 2022-23:331
Mr. Mahesh sold the following assets during the previous year.
a. Gold ornaments acquired in July 2020 for ? 1,50,000 were sold for 1,80,000 in June 2022.
b Self cultivated land was sold for 6,50,000 in June 2022 and its purchase price in 2006-2007
was 50,000, cost of transfer 5,000. He purchased new land for cultivation in Jan. 2022
for 1,25,000.
C Motor car sold on 1.12.2023 for 90,000, which was purchased by hinm in January 2021 for
1.40,000, Its written down value on 1.4.2022 was ? 1,00,000 (car used for business).
d. Residential house purchased in July 2012 fort60,000, sold for 8,00,000 on 1-1-2023.
During the year he purchased new residential house for 2,50,000 and invested 60,000 in
specified bonds.
Compute taxable capital gains.
CIIfor 2001-02:100, 2006 -07: 122, 2012-13:200 and 2022-23:331
 Fromthe following information provided by Mr. Gopal, compute his taxable income from
capitalgains.
a. Agricultural land in Mangaluru costing 3,00,000 which was acquired in 2001was soldfor
750,00,000on Sth March 2023.He purchased new agricultural land on 30th March 2023 for
18,00,000.
b. Household furniture costing 50,000 in March 2006 was sold in March 2023 for 75,000.
C. House at Mangaluru is let out for residential purposes. It was purchased by him in August
1978 for 90,000. FMV as on 01.04.2001 is 1,50,000. Sale price on lst August 2023 is ?
25,50,000. Cost of improvements made during 1989-90 35,000. Expenses of transfer ?
25,000. He invested 3,00,000n specified bonds on Ist October 2023.
d.
Motor car (used for professional purposes) was sold on 1st October 2023 for 68,000
(purchased for 1,50,000) its WDV on 01.04.2022 was? 42,000.
e. Jewellery costing ? 2,00,000 which was purchased in December 2015 was sold for 3,50,000
in March 2023.

CII for 2001-02: 100, 2005 -06:117, 2015- 16:254 and 2022-23: 331
15. a) Mr. Siddarth sold the following assets during the Previous Year 2020 -21.
i) Gold ornaments acquired inJuly 2019 for Rs. 1,50,000 were sold for
Rs. 2,80,000 in June 2020.
i) Self cultivatedland was sold for Rs. 12,00,000 in January 2021 and
its purchase price in 2001 - 2002 was Rs. 50,000. He purchased a
new land for cultivation in Jan. 2021 for Rs. 6,00,000.
ii) Motor car soldon 1-12-2020 for Rs. 90,000 which was purchased by
him in June 2019 for Rs. 1,40,000. Its written down value on 1-4-2020
was Rs. 1,00,000.
iv) Residential house purchased in July 2001 for Rs. 60,000 was sold
for Rs. 12,50,000 on 1-1-2021.
During the year he purchased new residential house for Rs. 2,50,000and
invested Rs. 1,00,000 in specified bonds.
Compute capital gains taxable cost inflation index 2001-02 = 100,
8
2019-20 = 289, 2020 -21 =301.
4. Mr. Shashank is a resident of Mumbai. He did not own any house and lived in a
rented house. He had purchased jewellery for 1,00,000 in April 1981.He sold
this jewellery in July 2015 for 30,00,000 and incurred 15,000 as cost of
transfer. He invested 15,00.000 in Aua. 2015 in the purchase of one residential
house in Bangalore and depositedE1,00,000 in abank.
Determine the taxable Capital Gain of Mr. Shashank.
Cost Inflation Index: 1981-82:100. 2015-16: 1081
1. From the following information provided by Mr. Gopal, compute his taxable Income
from Capital Gains.
a) Agricultural land in Mangaluru costing 3,00,000, which was acquired in
Dec. 1990, was sold for 50,00,000 on 5th March 2016. He purchased new
agricultural land on 30th March 2016 for 18,00,000.
b) Household furniture costing 50,000 in March2003 was sold in March 2016
for 75,000.
c) House at Mangaluru: Let out for residential purposes. It was
purchased by
him inAugust 1978for 90.,000. Fair Market Value as on 1-4-19811,50,000.
Sale price on 1stAug. 2015725.50,000. Cost of improvements made during
1989-90R 35,000. Expenses of transfer 25,000. He invested? 3,00,000 in
specified bonds on 1st October 2015.
d) Motor Car (used for professional purpOses) was sold on 1st Oct. 2015 for
68,000 (purchasedfor? 1.50.000). Its W.D.V. on 1-4-2015 was 42.000.
e) Jewellery costing 2,00,000 which was purchased in December 2013 was
sold for3,50,000 in March 2016.
C.l..:1981-82 :100, 1989-90: 172, 1990-91:182, 2002-03:447, 2012-13:852.
2015-16:1081.
7. Distinguish between long term capital gains and sn

8. Mr. Ajay sold the following assets during the previous year as under :

(a) Jewellery costing 80,000 which was acquired in June 2015 was sold
for 1.00,000 in May 2017.

(b) House at Kolkatta let out for residential purposes. It was inherited by
him in 1994. Sale price as on 31.10.2017 25,50,000. Fair market value
on 1.4.2001 1,00,000.

Cost of improvement made during 1989-90 25,000. Expenses on

transfer 25.000.

(c) Household furniture costing ? 14,000 in October 2017 was sold for
720,000 in March 2018.
(d) Car was sold on 1.12.2017 for 1,40,000, Its written down value on
1.4.20 17 was 3,80,000.

(e) Agricultural land in Mangalore was sold for ? 25,25,000 in July 2017. It
had cost him 85,000 in December 2001. He purchased agricultural
land for3,20,000 in January 2018.

Computehis taxable capital gains:

CII 2001-02 : 100, 2015-16: 254 2017-18 : 272.
10. During the year SriGajanan sold the following assets :
a) Residential house purchased for Rs. 7,60,000 in December 2012 sold for
Rs. 8,00,000 in March 2015.
b) Residential house purchasedin July 1988 for Rs.45,000 sold for Rs. 20,00,000
in January 2015 of which he purchased a new house for Rs. 8,00,000 and
Rs. 50,000 were invested in NABARD Bonds.
c) Self cultivatedagricultural land in Patna purchased on 1-1-1999for Rs. 1,20,000
sold on 1-2-2015 for Rs. 5,50,000. He bought new agricultural land for
Rs. 1,50,000.
d) Machinery purchased in 2007 for Rs. 20,000 of the WDV on 1-4-2014
Rs. 6,000, sold in January 2015 for Rs. 6,000.
e) Machinery purchased in July 2014 for Rs. 10,000, sold for Rs. 12,000 in
February 2015.
 f) Motor Truck purchased during the year for Rs. 1,30,000, sold for Rs. 1,20,000
inFebruary 2015.
g) Shares of a Steel Co. Ltd. purchased on 1-1-2014 for Rs. 12,000, sold for
Rs. 27,000 in March 2015, brokerage paid for the sale Rs. 500, S.T.T. paid
Rs. 34.

h) Household furniture purchased in July 2014 for Rs. 1,40,000, sold for
Rs. 1,80,000 in March 2015.
Cil:1981 -82: 100, 1988-89:161, 1998:99:351,2007-08:551,2012-13:852,
2013-14:939 and 2014-15:1024.
Compute Taxable Capital Gains.