21. A building was acquired on 1.4.1995 for ₹ 20,00,000 and sold for ₹ 80,00,000 on 01.06.2022. The fair market value of the building on 1.4.2001 was ₹ 25,00,000. Its stamp duty value on the same date was ₹ 22,00,000. Determine the capital gains on sale of such building for the A.Y. 2023-24? CII for F.Y. 2001-02: 100; F.Y. 2022-23: 331
22. In P.Y. 2022-2023, Mr. A has transferred the following assets: Residential house property for 8 crores, whose Indexed Cost of Acquisition is (₹) 6 crores and Transfer Date is 25.11.2022. Jewellery for 3 crores, whose Indexed Cost of Acquisition (₹) is 2 crores and Transfer Date is 05.01.2023. Mr. A bought a new residential house property on 01.04.2021 for ₹ 1 crore and on 28.02.2023 deposited ₹ 3 crores in a capital gains deposit account scheme. On 30.07.2023, Mr. A has withdrawn ₹ 3 crores from capital gains deposit account and acquired a residential house property worth ₹ 2.5 crore. What would be the capital gains in the hands of Mr. A for A.Y. 2023-24, if the expenses in connection with transfer of jewellery were ₹ 2,00,000?
23. Mr. Vishal and Mr. Guha sold their residential house property in Pune for₹ 3 crore and ₹ 4 crore, respectively, in January, 2023. 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, 2023. 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, 2023 and ₹ 30 lakhs in bonds of RECL in April, 2023. What is the income taxable under the head “Capital Gains” for A.Y.2023-24 in the hands of Mr. Vishal and Mr. Guha?
24. Mr. Ram, an Indian resident, purchased a residential house property at Gwalior on 28.05.1999 for ₹ 28.5 lakhs. The fair market value and the stamp duty value of such house property as on 1.4.2001 was ₹ 33.5 lakhs and ₹ 32.4 lakhs, respectively. On 05.02.2012, Mr. Ram entered into an agreement with Mr. Byomkesh for sale of such property for ₹ 74 lakhs and received an amount of ₹ 3.9 lakhs as advance. However, as Mr. Byomkesh did not pay the balance amount, Mr. Ram forfeited the advance. What would be the indexed cost of acquisition of Mr. Ram if he sells the property in F.Y. 2022-23? Cost Inflation Index for F.Y. 2001-02: 100; F.Y. 2022-23: 331
(a) ₹ 1,10,88,500
(b) ₹ 1,07,24,400
(c) ₹ 97,97,600
(d) ₹ 94,33,500
25. Mr. X, aged 61 years, earned dividend of ₹ 12,00,000 from ABC Ltd. in P.Y. 2022-23. Interest on loan taken for the purpose of investment in ABC Ltd., is ₹ 3,00,000. Income includible in the hands of Mr. X for P.Y. 2022-23 would be –
26. Mr. Vikas transferred 600 unlisted shares of XYZ (P) Ltd. to ABC (P) Ltd. on 15.12.2022 for ₹ 3,50,000 when its fair market value was ₹ 5,15,000. The indexed cost of acquisition of shares for Mr. Vikas was computed at ₹ 4,25,000. Determine the income chargeable to tax in the hands of Mr. Vikas and ABC (P) Ltd. in respect of the above transaction.
27. Mr. Vikas received a gold ring worth ₹ 60,000 on the occasion of his daughter’s wedding from his best friend Mr. Vishnu. Mr. Vishnu also gifted a gold chain to Kavya, daughter of Mr. Vikas, worth ₹ 80,000 on the said occasion. Would such gifts be taxable in the hands of Mr. Vikas and Ms. Kavya?
28. If the converted property is subsequently partitioned among the members of the family, the income derived from such converted property as is received by the spouse of the transferor will be taxable –
29. Ram owns 500, 15% debentures of R Industries Ltd. of ₹ 500 each. Annual interest of ₹ 37,500 was payable on these debentures for P.Y. 2022-23. He transfers interest income to his friend Shyam, without transferring the ownership of these debentures. While filing return of income for A.Y. 2023-24, Shyam showed ₹ 37,500 as his income from debentures. As tax advisor of Shyam, do you agree with the tax treatment done by Shyam in his return of income?
(a) Yes, since interest income was transferred to Shyam, therefore, after transfer, it becomes his income.
(b) No, since Ram has not transferred debentures to Shyam, interest income on the debentures is not taxable income of Shyam. It would be included in the hands of Ram.
(c) Yes, if debentures are not transferred, interest income on debentures can be declared by anyone, Ram or Shyam, as taxable income depending upon their discretion.
(d) No, since Shyam should have shown the income as interest income received from Mr. Ram and not as interest income earned on debentures.
30. Mrs. Shivani, wife of Mr. Anurag, is a partner in a firm. Her capital contribution is ₹ 5 lakhs to the firm as on 1.4.2022 which includes ₹ 3.5 lakhs contributed out of gift received from Anurag. The firm paid interest on capital of ₹ 50,000 and share of profit of ₹ 60,000 during the F.Y.2022-23. The entire interest has been allowed as deduction in the hands of the firm. Which of the following statements is correct?
