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