Mr. Ashish purchases a house property for Rs.1,06,000 on May 15,1975. The following expenses are incurred...

 

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Mr. Ashish purchases a house property for Rs.1,06,000 on May 15,1975. The following expenses are incurred by him for making addition/ alternation to the house property: Particulars Cost of Construction of first floor in 1982-83 Cost of construction of second floor in 2002- 03 Rs. 3,10,000 7,35,000 Reconstruction of the property in 2015-16 5,50,000 Fair market value of the property on April 1,2001 is Rs.8,50,000. The house property is sold by Mr. Ashish on August 10,2021 for Rs.68,00,000 (expenses incurred on transfer: Rs.50,000). Compute the capital gain for the assessment year 2022-23. Financial Year 2001-02 2002-03 2015-16 2021-22 Cost inflation index 100 105 254 317 Mr. Ashish purchases a house property for Rs.1,06,000 on May 15,1975. The following expenses are incurred by him for making addition/ alternation to the house property: Particulars Cost of Construction of first floor in 1982-83 Cost of construction of second floor in 2002- 03 Rs. 3,10,000 7,35,000 Reconstruction of the property in 2015-16 5,50,000 Fair market value of the property on April 1,2001 is Rs.8,50,000. The house property is sold by Mr. Ashish on August 10,2021 for Rs.68,00,000 (expenses incurred on transfer: Rs.50,000). Compute the capital gain for the assessment year 2022-23. Financial Year 2001-02 2002-03 2015-16 2021-22 Cost inflation index 100 105 254 317

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Step 11 The Cost of Acquisition is the Fair market value of the Property ... View the full answer