Mr. Gopal (aged 33 years), a resident individual, sold one of his residential house properties for 60,00,000 on 31.08.2024 which was purchased on…
CA Intermediate · Taxation · PYQS · May 2025
Mr. Gopal (aged 33 years), a resident individual, sold one of his residential house properties for 60,00,000 on 31.08.2024 which was purchased on 14.10.2021 for 45,00,000. His old tenant paid him rent in arrear for the above said property on 12.11.2024 amounting to 75,000 which was treated as unrealized rent by Mr. Gopal during earlier years. He purchased a residential plot on 08.12.2024 for 5,00,000 but no construction was started till date although he earned - 30,000 as rent from this plot in the last quarter of previous year 2024-25. Mr. Gopal is opting for default taxation regime under section 115BAC of Income-tax Act, 1961. Cost of Index for P.Y. 2024-25:363 and P.Y. 2021-22:317 Based on the above information, answer the following MCQ No. 1 to 3 for the assessment year 2025-26.
Suggested Answer and Working Notes:
Correct Answer: Option (A)
Long-term capital gain of 15,00,000 after no exemption.
Topics: Paper 3A: Income Tax Laws
Related Questions in this Topic
- Who is liable to collect TCS (collection of tax at source) under section 52 of the CGST Act, 2017? Briefly explain the p...
- Answer the following questions, assuming that suppliers are registered under GST: (a) Bhagwati Roadlines is a registere...
- Determine the place of supply in each of the following independent circumstances: (i) Ms. Kavya, Delhi is a passenger t...
- Nakshatra Comforts Ltd. is engaged in providing various services in Delhi. It obtained registration under regular scheme...
- Stellar Orbit Appliances Pvt. Ltd., a registered person in Pune, Maharashtra, is engaged in supplying a bouquet of goods...