During the previous year 2020-21, Mr. Akhil has the following income and brought forward losses: (1) Short-term capital gains on sale of shares of ₹1,00,000 (2) Long-term capital loss of A.Y. 2020-21 of ₹60,000 (3) Short

CS Executive · Tax Laws and Practice · PYQS · December 2021
During the previous year 2020-21, Mr. Akhil has the following income and brought forward losses: (1) Short-term capital gains on sale of shares of ₹1,00,000 (2) Long-term capital loss of A.Y. 2020-21 of ₹60,000 (3) Short-term capital loss of A.Y. 2020-21 of ₹35,000 (4) Long-term capital gain of ₹40,000. What is the capital gain taxable in the hands of Mr. Akhil for the Assessment Year 2021-22?
(A) ₹1,05,000
(B) ₹45,000
(C) ₹65,000
(D) ₹1,40,000

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax Act, 1961

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