A capital asset purchased on 11th Sept., 2012 for ₹2,00,000 was sold for ₹3,00,000 on 18th Dec., 2017 by a Charitable Trust registered under section 12AA of the Income Tax Act. New capital assets after the sale was purch

CS Executive · Tax Laws and Practice · PYQS · December 2018
A capital asset purchased on 11th Sept., 2012 for ₹2,00,000 was sold for ₹3,00,000 on 18th Dec., 2017 by a Charitable Trust registered under section 12AA of the Income Tax Act. New capital assets after the sale was purchased on 1st January, 2018 for ₹2,60,000. The amount of capital gain arising from the sale of capital asset utilized in purchase of new asset for the A.Y. 2018-19 shall be .......... and taxable amount shall be ..........
(A) ₹40,000 and ₹60,000
(B) ₹1,00,000 and ₹2,60,000
(C) ₹2,60,000 and ₹1,00,000
(D) ₹60,000 and ₹40,000

Answer & Explanation:

The official key records '*'. This question is excluded from automatic grading because the source does not supply an unambiguous valid choice. Official source note: The correct option is ₹ 60,000 and ₹ 40,000 (assuming indexation is not considered while calculating capital gains). The correct option is ₹ 0 and ₹ 28,000 (assuming indexation is considered while calculating capital gains).

Topics: Income Tax Act, 1961

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