Madhav, a non-resident Indian aged 45 years, furnishes following particulars of income earned by him in India during the previous year 2023-24: (i)…

Madhav, a non-resident Indian aged 45 years, furnishes following particulars of income earned by him in India during the previous year 2023-24: (i) Short term capital gain (computed) on sale of equity shares of M/s PQ Ltd., an Indian company - 2,00,000. These shares were purchased in convertible foreign exchange on 01.06.2023 and sold on 31.01.2024. He invested whole of the sale proceeds - 5,00,000 in the shares of M/s RS Ltd., an Indian company on 01.02.2024. (ii) Long term capital gain on sale of equity shares of M/s AB Ltd., an Indian company for 3,50,000 (computed). These shares were purchased in convertible foreign exchange on 01.10.2020 and sold on 15.10.2023 for 7,00,000. Out of the sale proceeds, he further purchased the shares of M/s X Ltd., an Indian company for 5,00,000 on 31.03.2024. (iii) Dividend received (gross) from M/s PQ Ltd. and M/s AB Ltd.80,000. Assume that he does not opt for section 115BAC and STT has been paid on purchase and sale of the above shares. From the information given above, choose the most appropriate answer to the question no.8 to 11:-