Ca Final DT MCQ Problem

Mr. Gagan , aged 67 years and resident, is a retired person earning a monthly pension of Rs. 12,000/- from his employer. He purchased a piece of land in Delhi in December, 2011 and sold the same in April, 2019. Taxable LTCG amounted to Rs. 2,80,000/-. Apart from Pension income and gain on sale of land, he is not having any other income. What will be his tax liability for the Year 2019-20 ?

(a) 25,790/-

(b) 6,450/-

(c) 17,470/-

(d) 15,390/-  

Replies (6)
Quick Summary
This discussion addresses a CA Final Direct Tax MCQ concerning a retired individual aged 67. The individual receives a monthly pension and realised a long-term capital gain from selling land. The core of the discussion revolves around calculating the precise tax liability for the assessment year 2020-21, considering the basic exemption limit and tax rates applicable to capital gains.

It should be a.
According to me, liability should be nil as tax liability shall be set off by rebate
Option c if a.y 19-20
option d if p.y19-20
Originally posted by : Charles Thangam
Option c if a.y 19-20option d if p.y19-20

Previous Year is 19-20 

Kindly Explain your answer in details so that i understand with clarity 

Thanks with Regards

Ravi SADhiyan

Respected Sir/Brother,
The p.y income is assessed in relating to a.y. whereby p.y 19-20 assessed in(/ any a.y)a.y 20-21(instance case).The a.y 20-21 SD amount is increase to 50000, then apply that amount and will be take a option d
D option as after exhausting basic exemption limit capital will be taxable @ 20.8% 144000-50000+280000=374000-300000=74000×.208=15390

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