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Ca Final DT MCQ Problem

CA Final 764 views 6 replies

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)
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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