Kapil Dev is engaged in manufacturing activity. The WDV of plant and machinery as on 01.04.2020 was ₹6,88,000. The entire plant and machinery were sold on 30.03.2021 for ₹7,80,000. The original cost of plant and machiner
CS Executive · Tax Laws · PYQS · June 2021
Kapil Dev is engaged in manufacturing activity. The WDV of plant and machinery as on 01.04.2020 was ₹6,88,000. The entire plant and machinery were sold on 30.03.2021 for ₹7,80,000. The original cost of plant and machinery amounted to ₹14,65,000 acquired on 05.04.2017. Cost inflation index: FY 2017-18 = 272; 2020-21 = 301. Compute capital gain and state its nature.
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income Tax
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