Rama Devi (age 53) sold 100 equity shares for ₹8,40,000 (STT paid) on 20.05.2020. Those shares were acquired on 21.03.2013 for ₹3 lakhs. The FMV as on 31.01.2018 was ₹5,50,000. How much is taxable under section 112A? Wha

CS Executive · Tax Laws · PYQS · June 2021
Rama Devi (age 53) sold 100 equity shares for ₹8,40,000 (STT paid) on 20.05.2020. Those shares were acquired on 21.03.2013 for ₹3 lakhs. The FMV as on 31.01.2018 was ₹5,50,000. How much is taxable under section 112A? What is nature of such gain/loss? Cost inflation index FY 2012-13 = 200/2017-18 = 272/2020-21 = 301.
(A) ₹2,31,360/Long-term capital gain
(B) ₹3,88,500/Long-term capital gain
(C) ₹2,90,000/Long-term capital gain
(D) ₹12,250/Short-term capital gain

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax

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