.....Mr. Roy, aged 55 years owned a Residential House in Ghaziabad. It was acquired by Mr. Roy on 10-10-2007 for ` 24,00,000. He sold it for ` 65,00,000 on 4-11-2017. The stamp valuation authority of the State fixed value of the property at ` 72,00,000. The assessee paid 2% of the sale consideration as brokerage on the sale of the said property. Mr. Roy acquired a residential house property at Kolkata on 10-12-2017 for ` 7,00,000 and deposited ` 3,00,000 on 10-4-2018 and ` 5,00,000 on 15-6-2018 in the capital gains bonds of Rural Electrification Corporation Ltd. He deposited ` 4,00,000 on 6-7-2018 and ` 9,00,000 on 1-11-2018 in the capital gain deposit scheme in a Nationalized Bank for construction of an additional floor on the residential house property in Kolkata. Compute the Capital Gain chargeable to tax for the Assessment Year 2018-19 and income-tax chargeable thereon assuming Mr. Roy has no other income. Cost Inflation Index for Financial Year 2007-08: 129 and Financial Year 2017-18: 272
Dec. 08, 2017
