Rakesh sold his residential building for ₹300 lakh and the indexed cost of acquisition of the building was ₹120 lakh. He acquired a residential building for ₹110 lakh at Pune and another residential building at Jaipur fo
CS Executive · Tax Laws · PYQS · June 2023
Rakesh sold his residential building for ₹300 lakh and the indexed cost of acquisition of the building was ₹120 lakh. He acquired a residential building for ₹110 lakh at Pune and another residential building at Jaipur for ₹90 lakh subsequently. How much is the amount eligible for exemption under section 54 of the Income Tax Act, 1961?
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C). Official source note: Rakesh sold his residential building for ₹ 300 lakh and the indexed cost of acquisition of the building was ₹120 lakh. He acquired a residential building for ₹ 110 lakh at Pune and another residential building at Jaipur for ₹ 90 lakh subsequently. How m uch is the amount eligible for exemption under section 54 of the Income Tax Act, 1961? (A) ₹ 110 lakh (B) ₹ 90 lakh (C) ₹ 180 lakh (D) ₹ 200 lakh
Topics: Income Tax Act, 1961
Related Questions in this Topic
- Which of the following criteria would make a foreign company to have its active business outside India? (i) Passive inco...
- Crow Ltd is engaged in export of articles and things eligible for deduction under section 10AA of the Income Tax Act, 19...
- Raghu retired on 31st October, 2022 after rendering service for 32 years in a listed company. He received ₹23,00,000 as ...
- Dave & Co. made a turnover of ₹160 lakh during the financial year 2022-23. It received ₹90 lakh by way of RTGS and n...
- Laxmi received ₹30,000 per month by way of family pension (consequent to demise of her husband, who died in April, 2019)...