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    Admin posted in the group CA Final Direct Tax (Paper 7) Discussion Group

    1 year, 1 month ago

    Mr. Vishal and Mr. Guha sold their residential house property in Pune
    for ` 3 crore and ` 4 crore, respectively, in January, 2021. The house
    property was purchased by them 25 months back. The indexed cost of
    acquisition is ` 1 crore and ` 1.75 crore, respectively. Mr. Vishal
    purchased two residential flats, one in Delhi and one in Agra for ` 70
    lakhs and ` 80 lakhs, respectively, in April, 2021. On the same date,
    Mr. Guha also purchased two residential flats, one in Mumbai and the
    other in Pune, for ` 80 lakhs and ` 75 lakhs, respectively. Both of them
    invested ` 30 lakhs in bonds of NHAI in March, 2021 and ` 30 lakhs in
    bonds of RECL in April, 2021. What is the income taxable under the head
    “Capital Gains” for A.Y.2021-22 in the hands of Mr. Vishal and Mr. Guha?

    (a) ` 70 lakhs and ` 95 lakhs, respectively

    (b) ` 60 lakhs and ` 85 lakhs, respectively

    (c) Nil and ` 95 lakhs, respectively

    (d) Nil and ` 20 lakhs, respectively