M owns many properties in India. He sold some of these during the previous year 2023-23

i) Jewellery 1,20,000 which was acquired in October 2015 was sold for 2023 1,40,000 in August 2022

ii) House in New Delhi: Let-out for residential purposes. It was inherited by him in 1984 . Sale Price 31.10.2022 was a 20,00,000 Fair Market value on 1.4.2001 was 5,00.000 Cost of improvements made during 2009-10 was 1,45,000. Expenses on transfer was 30,000

iii) Self-cultivated land in an urban area was sold for 12,50,000 on 01.05. 2022 and its cost 2002-03 was 3,60.000 He purchsed a new piece of land for his own cultivation for 2,60,000 in June 2022.

From the above particulars, compute total income and tax liability for assessment year 2023-24

Answer rating: 100% (QA)

Solution Total income 1 Jewellery Sale price 140000 Less Cost of acquisition 120000 Capital ... View the full answer