Rupam has computed his gross total income of ₹5,60,000 for the Asessement Year 2021-22 which includes ₹4,70,000 on account of long-term capital gain from sale of equity shares which are taxable us 112A of the Income Tax

CS Executive · Tax Laws and Practice · PYQS · June 2021
Rupam has computed his gross total income of ₹5,60,000 for the Asessement Year 2021-22 which includes ₹4,70,000 on account of long-term capital gain from sale of equity shares which are taxable us 112A of the Income Tax Act. He paid ₹1,30,000 as premium of life insurance taken for his own life. Compute the amount of total income of Rupam if he is a senior citizen. (Assuming assessee has not opted for section 115BAC)
(A) ₹4,70,000
(B) ₹4,30,000
(C) ₹90,000
(D) ₹4,10,000

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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