Monika enters into an agreement on 7th April, 2019 to transfer a piece of land for an agreed consideration of ₹66,00,000 by taking an advance payment of ₹10,00,000 by an account payee cheque. Sale deed of the piece of la
CS Executive · Tax Laws and Practice · PYQS · December 2020
Monika enters into an agreement on 7th April, 2019 to transfer a piece of land for an agreed consideration of ₹66,00,000 by taking an advance payment of ₹10,00,000 by an account payee cheque. Sale deed of the piece of land was executed on 28th December 2019. Indexed cost of acquisition of the piece of land as per provision of the Act is computed at ₹34,00,000. Stamp valuation Authority determined the value of land on 07.04.2019 at ₹68,50,000 and on 28.12.2019 at ₹71,00,000. Find out the amount of long-term capital gain which shall be chargeable to tax in the assessment year 2020-21.
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Capital Gains
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