Amin (age 68) sold on 12.05.2020 one vacant site at Baroda for ₹90 lakhs. The vacant site was inherited by him from his father in July 1999 as per the 'will' of his father. The FMV of vacant site on 01.04.2001 was ₹5 lak
CS Executive · Tax Laws · PYQS · June 2021
Amin (age 68) sold on 12.05.2020 one vacant site at Baroda for ₹90 lakhs. The vacant site was inherited by him from his father in July 1999 as per the 'will' of his father. The FMV of vacant site on 01.04.2001 was ₹5 lakhs. He acquired a residential apartment in Singapore for ₹70 lakhs on 15.10.2020. Compute the capital gain chargeable to tax in the hands of Amin for the assessment year 2021-22. Cost inflation index F.Y. 2001-02 = 100; F.Y. 2020-21 = 301
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Income Tax
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