Richard acquired 1,000 preference shares of ₹100 each in Terry Ltd. on 10-4-2016 for ₹1,32,000. He received 10,000 equity shares of ₹10 each on conversion of preference shares into equity shares. The Fair Market Value (F
CS Executive · Tax Laws and Practice · PYQS · December 2019
Richard acquired 1,000 preference shares of ₹100 each in Terry Ltd. on 10-4-2016 for ₹1,32,000. He received 10,000 equity shares of ₹10 each on conversion of preference shares into equity shares. The Fair Market Value (FMV) of equity shares on the date of such conversion was ₹2,20,000. Cost Inflation Index F.Y. 2016-17 = 264; F.Y. 2018-19 = 280. The taxable long-term capital gain would be :
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
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...