1.

Mr Nagaraj Sold a plot on July 10,2020 (CII 301) for Rs 6,05,000 (cost of acquisition on
June 15, 2002 (CII:105) Rs 50,000, selling expenses amount to Rs 5,000. On August 10,
2020 he makes the following investments.
 Purchase of Bonds of National Highway Authority of India notified u/s 54EC
50,000 on September 2020
 Invests Rs 3,50,000 in a residential house at Bangalore on July 10, 2021. He does
not own any residential house.
Determine his taxable income capital gain for the assessment year 2021-22.
2. Mrs. Shanti Devi, a resident individual, sold her residential property on 18th Jul’20 for
INR 75,00,000. She had purchased the same for INR 25,00,000 on 3rd May 2006. She
paid INR 1,00,000 towards brokerage for the sale. The stamp duty valuation was INR
100,00,000. She bought another property for INR 20,00,000 on 14th Dec’20 and
deposited another INR 5,00,000 on 21st Jun’21 in the capital gain deposit scheme with
SBI for construction of an additional floor in the property. She also deposited INR
5,00,000 on 30th Nov’20 in the NHAI Bonds. Compute the Capital Gains.
3. Mr. Pavan purchases a house property in December 1993 for Rs 5,25,000 and an amount
of Rs 1,75,000 was spent on the improvement and repairs of the property in March,
1997. The property was proposed to be sold to Mr. Sharan in the month of May, 2007 and
an advance of Rs 40,000 was taken from him. As the entire money was not paid in time,
Mr. Pavan forfeited the advance and subsequently sold the property to Mr. Karan in the
month of March, 2021 for Rs 52,00,000. The fair value of the property on
April 1, 2001 was Rs 11,90,000 and Stamp duty value on the said date was Rs 10,20,000.
Invested Rs 2,50,000 on REC bond of on June 2021. What is the capital gain chargeable
in the hands of Mr. Pavan for the A.Y. 2021-22?
4. Mr Pranav submits the following particulars about sale of assets during the years 2020-21

Particulars Jewellery Plot Gold

Sale prices 5,00,000 20,74,000 2,50,000
Expenses on sale NIL 24,000 NIL
Cost of acquisition 1,80,000 6,80,000 72,000
Year of Acquisition 2007-08 2004-05 2009-10
 CII 129 113 148
He has purchased a house for Rs 12 laks on 01-03-2021. Calculate the amount of taxable
capital
5. Mr Narayan submits the following details for the previous year 2020-21
a. He Mutual Fund units on 12-12-2012 for Rs 50,000, FMV of these shares as on 31 st
January 2018 is Rs 80,000 and sold on 12-1-2021 for Rs 1,65,000
b. Bought CDSL shares for Rs 34,000 on 20-09-2020 and sold for Rs 23,000 on 31-02-
2021
c. On 12-1-2012 he entered into an agreement with Mr Bharath to sell a property
(bought during the year 2003-04 for Rs 4,00,000) and received an advance amount of
Rs 1,20,000. However the deal could not be executed as Mr Bharath backed out and
Mr Narayan forfeited the advance amount. Additional improvement cost was incurred
during the year 2018-19 for Rs 2 laks. Previous year he has sold the property for Rs
22 laks and kept Rs 2 laks capital gain deposit scheme before filing of the returns.
d. He has purchased debentures in October 2010 for Rs. 1,75,000 sold on 07-08-2020
for Rs. 2,45,000.