In April 1992, Mr. Kishan purchased a house property for 65,000. The fair market value and stamp duty value of the house property on April 1, 2001…

In April 1992, Mr. Kishan purchased a house property for 65,000. The fair market value and stamp duty value of the house property on April 1, 2001 was - 2,70,000 and - 2,20,000, respectively. On August 31, 2004, Mr. Kishan entered into an agreement with Mr. Jigar to sell the house for 3,70,000. Mr. Jigar paid an advance of 60,000 but failed to pay the balance amount. Consequently, Mr. Kishan forfeited the advance and canceled the agreement. In May 2008, Mr. Kishan constructed the first floor at a cost of 2,35,000. On April 13, 2024, Mr. Kishan sold the house for 15,00,000. Mr. Kishan also holds 1,000 shares in Venus Ltd., an unlisted company, which he acquired in the year 2001-02 at a cost of 75,000. In April 2024, the company offered him right shares at 160 per share, in the ratio of 2 for every 5 held. Mr. Kishan decided to retain only half of the right shares and renounced the remaining rights in favor of Mr. Kush, for 30 per share in May 2024. Later, all the shares were sold by Mr. Kishan at 300 per share on July 15, 2024, while Mr. Kush sold his shares in December 2024 at 280 per share. CII for F.Y.2001-02: 100; 2004-05: 113; 2008-09: 137; 2024-25: 363. From the information given above, choose the most appropriate answer to the following questions -