Ramji Charitable Trust had sold a capital asset costing ₹70,000 on 13th June, 2014 for ₹1,50,000. It purchased new assets on 1st July, 2014 for ₹1,20,000. The amount taxable as capital gains for Ramji Charitable Trust in

CS Executive · Tax Laws and Practice · PYQS · December 2015
Ramji Charitable Trust had sold a capital asset costing ₹70,000 on 13th June, 2014 for ₹1,50,000. It purchased new assets on 1st July, 2014 for ₹1,20,000. The amount taxable as capital gains for Ramji Charitable Trust in assessment year 2015-16 is
(A) ₹80,000
(B) Nil, because of charitable trust
(C) ₹30,000
(D) ₹40,000.

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax Act, 1961

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