Request you to provide answer for the question given below:-
X, a non resident remits $40000 to India on April 4, 1987. The amount is partly utilised in purchasing the following assets on April 10,1987.
Silver 10kg for Rs30000
Shares in Indian Co.(unlisted)----- 2000 shares for Rs24000
X transfer these assets on June 10,2010 for total consideration of Rs. 850000( silver for Rs.70000; Shares for Rs. 780000).
Compute capital gains for AY 2011-12
The telegraphic transfer buying/ selling rate of US dollar adopted by SBI is as follows:-
Buying(1 $) ---- Rs. 17.50---- April 10,1987
Rs. 28.30---- June 10, 2010
Selling( 1$)---- Rs. 18.10---- April 10, 1987
Rs. 29.10--- June 10, 2010
CAclubindia
