Query on Taxable Capital Gains

Notification 438 views 2 replies

Can someone please help me to solve this question. I got this question from the model question paper. The answer is option A. Mr. Vikram sold his old residential house in May, 2017 for Rs.25,00,000. Long-term capital gain arising on
transfer of old house amounted to Rs.8,70,000. In December, 2017 he purchased another residential house
worth Rs.4,50,000. The new house was however, sold in May, 2018 for Rs.14,00,000 (stamp duty value of
the new house was Rs.13,00,000). What will be amount of taxable capital gains in the hands of Mr. Vikram
for the A.Y. 2018-19 and 2019-20?

(a) Long term capital gain of Rs.4,20,000 in A.Y. 2018-19 and short-term capital gain of Rs.14,00,000 in
A.Y. 2019-20

(b) Long term capital gain of Rs.4,20,000 in A.Y. 2018-19 and long term capital gain of Rs.4,50,000 and
short-term capital gain of Rs.14,00,000 in A.Y. 2019-20

(c) Long term capital gain of Rs.4,20,000 in A.Y. 2018-19 and long term capital gain of Rs.4,50,000 and
short-term capital gain of Rs.9,50,000 in A.Y. 2019-20

(d) Long term capital gain of Rs.4,20,000 in A.Y. 2018-19 and long term capital gain of Rs.4,50,000 and
short-term capital gain of Rs.8,50,000 in A.Y. 2019-20

 

Replies (2)

Option A is the RIGHT answer as the new assets is sold within the lock in period so the COA of such assets shell be reduced by exemption amount claimed earlier (Rs. 4,50,000 - Rs. 4,50,000) 

Capital Gain on New Assets 

FVOC 14,00,000

Less : COA (Rs. 4,50,000 - 4,50,000 ) Nil 

STCG 14,00,000  

(a) Long term capital gain of Rs.4,20,000 in A.Y. 2018-19 and short-term capital gain of Rs.14,00,000 in A.Y. 2019-20

OPTION A is the right answer


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 12 March 2026
Customer Relationship Executive

TAXLET

Calicut

B.Com

View Details
Company
Featured 14 March 2026
Article Trainee

N N V Satish&co

Hyderabad

CA Inter

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details
Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details