Compute capital gain in hands of Mrs. Parminder for the A.Y. 2021-22. Mrs. Parminder has jewellery,...
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Compute capital gain in hands of Mrs. Parminder for the A.Y. 2021-22. Mrs. Parminder has jewellery, being gifted on 1/04/2005 by her brother Jitendar. Jitendar acquired such asset for Rs 60,000 as on 1/07/1995. On 1/07/2002, Jitendar has sewn a diamond worth Rs 25,000 in such jewellery. On 1/04/2009, Mrs. Parminder incurred polish expenditure on such jewellery costing Rs 5,000. As on 1/04/2020, Mrs. Parminder sold such jewellery for Rs 12,00,000. Brokerage @ 1% of sale value was paid by her. The fair market value of the jewellery as on - 1/04/2001 is Rs 2,00,000; 1/04/2005 is Rs 5,00,000; and 1/04/2020 is Rs 7,50,000. Compute capital gain in hands of Mrs. Parminder for the A.Y. 2021-22. Mrs. Parminder has jewellery, being gifted on 1/04/2005 by her brother Jitendar. Jitendar acquired such asset for Rs 60,000 as on 1/07/1995. On 1/07/2002, Jitendar has sewn a diamond worth Rs 25,000 in such jewellery. On 1/04/2009, Mrs. Parminder incurred polish expenditure on such jewellery costing Rs 5,000. As on 1/04/2020, Mrs. Parminder sold such jewellery for Rs 12,00,000. Brokerage @ 1% of sale value was paid by her. The fair market value of the jewellery as on - 1/04/2001 is Rs 2,00,000; 1/04/2005 is Rs 5,00,000; and 1/04/2020 is Rs 7,50,000.
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We must adhere to the guidelines provided by the Income Tax Department of India in order to calculat... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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