Kirti acquired a house property on 25th July, 2015 for ₹8,00,000. On 15th June, 2021 she became a partner in a partnership firm. On this day, she transferred this property to partnership firm as her capital contribution.
CS Executive · Tax Laws · PYQS · December 2022
Kirti acquired a house property on 25th July, 2015 for ₹8,00,000. On 15th June, 2021 she became a partner in a partnership firm. On this day, she transferred this property to partnership firm as her capital contribution. The fair market value of the property as on 15th June, 2021 was ₹20,00,000, but it was recorded in the books of account of the firm at ₹18,00,000. Compute capital gain chargeable to tax in the hands of Kirti for the assessment year 2022-23? (Cost inflation index for F.Y. 2014-15=240, 2015-16=254 and 2021-22=317)
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
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)...