Venkat (age 63) received ₹25 lakh from State Bank of India under reverse mortgage scheme on 5-6-2018. The house property under reverse mortgage was acquired on 1-4-1980 for ₹90,000. The fair market value on 1-4-1981 was
CS Executive · Tax Laws and Practice · PYQS · December 2019
Venkat (age 63) received ₹25 lakh from State Bank of India under reverse mortgage scheme on 5-6-2018. The house property under reverse mortgage was acquired on 1-4-1980 for ₹90,000. The fair market value on 1-4-1981 was ₹1,50,000. The fair market value as on 1-4-2001 was ₹8,40,000. The fair market value on 5-6-2018 was ₹21 lakh. The cost inflation index for the financial year 2018-19 is 280. The amount of capital gain liable to tax would be :
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D).
Topics: Income Tax
Related Questions in this Topic
- Senthil employed in a nationalized bank incurred ₹60,000 towards medical expenditure of his parent who is a senior citiz...
- Income tax assessment of Kuber was completed on 15-12-2018 for the assessment year 2016-17. There is an error apparent i...
- Income tax assessment of Ajay was completed determining the income at ₹8,40,000 as against the returned income of ₹5,40,...
- A resident having transaction with a non-resident who has filed form 35D for advance ruling, can withdraw the applicatio...
- When the Advance Pricing Agreement (APA) has been entered into, it is valid for not more than __________ consecutive pre...