A piece of land owned by Mr. Lobo located on Jaipur - Delhi Highway was acquired by

Fantastic news! We've Found the answer you've been seeking!

Question:

A piece of land owned by Mr. Lobo located on Jaipur - Delhi Highway was acquired by NHAI in the F.Y. 2008-09, but the award ordered in F.Y. 2009-10 was paid in the F.Y. 2023-24. This land was purchased by him on 02.04.1998 for ` 10,000/-. The Fair Market Value (FMV) of the land as on 01.04.2001 was ` 9,000/-. Compensation paid was ` 18 Lakhs. The other piece of land located in Chennai purchased in April 2004 for `25 Lakhs was also sold by him in February 2024 for `55 Lakhs, but sale deed thereof could not be executed by 31.03.2024. The value for the valuation authority was `60 Lakhs. Compute the Income Chargeable to tax arising as a result of these transactions in A.Y. 2024-25. (The CII for F.Y. 2004-05, 2008-09, 2009-10 and 2023-24 are 113, 137, 148 and 348 respectively.)