Rahim purchased house on 1st April, 2001 for ₹2,00,000 and incurred ₹3,00,000 on improvement on 1st July, 2002. He further incurred ₹4,00,000 on 1st July, 2013 for improvement. The house was sold by him on 1st July, 2020

CS Executive · Tax Laws and Practice · PYQS · June 2021
Rahim purchased house on 1st April, 2001 for ₹2,00,000 and incurred ₹3,00,000 on improvement on 1st July, 2002. He further incurred ₹4,00,000 on 1st July, 2013 for improvement. The house was sold by him on 1st July, 2020 for ₹2,00,00,000. He his entitled to deduction u/s 80C of ₹1,00,000. Compute the total income of Rahim for the A.Y. 2021-22 assuming that Rahim opted for section 115BAC. (CII 2001-02=100, 2002-03=105, 2013-14=220).
(A) ₹1,79,90,730
(B) ₹1,78,90,730
(C) ₹1,91,00,000
(D) ₹1,84,40,270

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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