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Problem 4: Solution Amount Amount

Solved problems on Capital Gains

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Chandra Shekar
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27 views

Problem 4: Solution Amount Amount

Solved problems on Capital Gains

Uploaded by

Chandra Shekar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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PROBLEM 4

Mr Ajay provides following data regarding his transactions for sale of residential house for the
A.Y 2023-24
a. House purchased in 1986-87 Rs 20,00,00/-
b. House sold in July 2022 Rs 70,00,000/-
c. Improvement year 2002-03 Rs 12,00,000/-
d. Purchase another house in Sep 2022 Rs 25,00,000/-
e. Commission paid at 1% of the sales value.

Solution Amount Amount


Sale proceeds 70,00,000
(-) Brokerage or commission charges (70,00,000*1/100) 70,000
Net sales proceeds 69,30,000
(-) Indexed Cost of acquisition or purchase 66,20,000
(Purchase value/purchase year index* Present year index)
(20,00,000/100*289)
(-) Indexed cost of improvements
(Improvement value/ Improvement year index* Present year Index)
(12,00,000/105*289) 37,82,857 1,04,02,857
LONG TERM CAPITAL LOSS -34,72,857

PROBLEM 6

Mr. Anand sold some of his properties during the year 2019-20 as under
A. Jewellary costing Rs 2,50,000/- which was acquired in June 2018 was sold for Rs
4,50,000/- in April 2022
B. House at kolkatta let out for residential it was inherited by him in 1964, sale price on
31/06/2022 was Rs 13,50,000/- fair market value as on 1/4/2001 was Rs 1,00,000/-,cost
of improvement was made during 2005-06 Rs 1,25,000/-
C. Self cultivated land with the muncipal limits was compulsory acquired by the
Government under the law for Rs 35,00,000/- on 10th January 2023 and its cost in 1991-
92 was Rs 1,10,000/-
Calculate the capital gain for the A.Y 2023-24
(C.I.I:- 2001-02 = 100, 2005-06 = 117, 2022-23 = 331 )
PROBLEM 7

Mr. Govindaraj furnishes the following assets data for the P.Y 2022-23

A. Sale of residential house in 15th Dec 2022, for Rs 37,40,000/-. Brokerage paid Rs
52,000/-this house was purchased in 1995-96 for Rs 8,50,000/-. Cost of improvement of
the house is in 1997-98 Rs 1,25,000/-, New residential house purchased on Feb 2023 for
Rs 12,00,000/- and amount deposits in capital gain account scheme Rs 6,00,000/-
B. Sale of personal car in July 2022 was Rs 3,50,000/-, the car was purchased in April 2014
for Rs 6,00,000/-
C. He has invested in shares, the face value of Rs 1,50,000/- of Infosys Co ltd, which was
purchased for Rs 2,00,000/-in May 2018. He sold them for Rs 6,00,000/- on September
2022 and he also paid brokerage @ 1% on the face value of the shares.
D. Jewellary costing Rs 2,20,000/- which was acquired in June 2016, out of which 50% of
jewellary is sold for Rs 2,50,000/- in August 2022.

Compute his taxable capital gain for the A.Y 2023-24

PROBLEM 8

Mr. Akash sold his properties during the year 2022-23. Compute his capital gain for the A.Y
2023-24.

A. House at Mumbai let out for residential purpose sold on 31/05/2022 for Rs 24,00,000/-.
This was purchased by his father in 1971 for Rs 50,000/-, fair market value as on
1/04/2001 is Rs 10,00,000/-, cost of improvement made in 1979-80 Rs 25,000/- and in
the year 2002-03 Rs 95,000/-, expenses for transfer Rs 25,000/-
B. Personal car was sold on 01/12/2022 for Rs 2,00,000/- purchased on July 2012 for Rs
4,25,000/-
C. Jewellary costing Rs 80,000/- which was acquired in June 2014 out of which 50% were
sold for Rs 1,00,000/- is made May 2022.
D. Self cultivated land within municipal limit was compulsory acquired under a law for Rs
12,00,000/- on 01/01/2023 and its cost in 1985-86 was Rs 1,10,000/-

PROBLEM 9

Mr. Mayank submits the following particulars about sale of assets during the year 2019-20

Particulars Jewellary Residential house Shares


Sales price 17,00,000 35,00,000 6,00,000
Selling expenses Nil 40,000 Nil
Cost of acquisition 1,50,000 2,00,000 1,00,000
Year of acquisition 1987-88 1984-85 1999-2000
He has purchased a house for Rs 15,00,000/- on 1st March 2023 in order to claim exemption
under section 54. Calculate the amount of taxable capital gain. (CII – 2001-02 = 100, 2022-23 =
331)

PROBLEM 10

 Mr. Ganesh purchases 800 equity shares of Rs 10/- each, of Rs 55/- per share on Jan 1989
and paid brokerage Rs 1,000/- and transfer fees of Rs 500/-
 On 1st september 1991 the company issued 500 bonus shares to him.
 On Nov 2019 the company issued 500 right share at the rate of Rs 70/- per share.
 On 1st May 2022 he sold 200 Bonus shares and 500 Right shares at Rs 150/- per share in
Jan 2023 he sold remaining equity shares Rs 220/- per share.
 Compute the capital gain for the A.Y 2023-24.

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