QUESTION 01:

MR.RAEES
NON-RECOGNIION RULE WILL BE APPLY ON TRANSFER OF ASSETS C.G/C.L SHALL NOT BE REALIZED BECAUSE THEY LIVE APART

QUESTION 02: MR.SI

SALES PROCCED 6.25 M
LESS:COST PRICE 6M
CAPITAL GAIN 0.25

SALES PROCCED 3.75 M

LESS:COST PRICE 2M
CAPITAL GAIN 1.75
ACCORDINGLY, THE SALE PROCEEDS OF THE BUILDING AND LAND ARE COMPUTED AS UNDER:
LAND = 10×3/8 = RS. 3.75 MILLION
BUILDING = 10×5/8 = RS. 6.25 MILLION
187500 BUILDING
1312500 LAND
TAXLABILITY: H.P > 1 YEAR 75%WILL BE TAXABLE.
TAXLABILITY:LAND(1312500*2.5%) 32812.5
TAXLABILITY:BUILIDING(187500*2.5%) 4687.5

QUESTION 03:
NO TREATMENT B/C IT IS PERSONAL USAGE VEHICLE.

QUESTION 04:
B) MR.ZAHEER
SALES PROCEED 1600000
LESS: COST PRICE 1800000
CAPITAL LOSS -200000

TAXLABILITY: H.P > 1 YEAR 75%WILL BE TAXABLE.

QUESTION 05: SALEHA

A)
SALES PROCEED 1250000
LESS: COST PRICE 1550000
CAPITAL LOSS -300000
NO LOSS CAN BE RECOGNIZED ON DISPOSAL OF PAINTING.

B)
SALES PROCCED 2300000
LESS:COST PRICE 1300000
CAPITAL GAIN 1000000
HOWEVER, AS THE HOLDING PERIOD OF JEWELLERY IS MORE THAN ONE YEAR, THE TAXABLE GAIN WILL BE 75% I.E. RS. 750

C) NO CAPITAL GAIN/LOSS WILL ARISE AS ANY MOVABLE PROPERTY HELD FOR PERSONAL USE BY THE PERSON IS EXCLUDED FR

QUESTION 06: MR.B

INCOME FROM CAPITAL GAIN:

SALES PROCEED =24000*200 4800000
LESS:COST PRICE =24000*90 2160000
CAPITAL GAIN 2640000

COST PRICE OF SHARES PURCHASED =18000*120 2160000

COST PRICE PER SHARE=2160000/24000 90

TAXLABILITY: H.P UPTO 1 YEAR 100%WILL BE TAXABLE.

BECAUSE THEY LIVE APART.
N WILL BE 75% I.E. RS. 750,000

HE PERSON IS EXCLUDED FROM THE DEFINITION OF CAPITAL ASSETS.