[Link] or Notional Cost of Acquisition or Cost to the Previous Owner [sec.

49(1): Cost to
the previous owner shall be deemed to be the cost of acquisition in the hands of the taxpayer in
cases where a capital asset becomes the property of the assessee where assets acquired in the form
Gift or Will,partition of a HUF or by Succession,Inheritance or Devolution.

[Link] of Improvement [Sec.55(1)(b)]:Cost of improvement,in relation to the capital assets shall

include all capital expenditure incurred in making addition or alteration to the capital assets by the
assessee or the previous owner. However,cost of improvement dos not include any expenditure
incurred prior to 01-04-2001.

[Link] cost of acquisition:"Indexed cost of acquisition"means the cost of acquisition (as

discussed in case of short term capital gain)adjusted according to the price level of the year of sale.
As per explanation to sec.48,"Indexed cost of acquisition"is an amount which bears to the 'cost of
acquisition' the same proportion as Cost Inflation Index for the year in which the asset is
transferred bears to the Cost Inflation Index for the first year in which the asset was held by the
assessee or for the year beginning on 1/4/2001,whichever is later.

[Link] cost of improvement:"Indexed cost of improvement"means the 'cost of

improvement'(as discussed in case of short term capital gain)adjusted according to the price level
of year of sale. As per explanation to sec.48,"indexed cost of any improvement" is an
amount,which bears to the cost of improvement the same proportion as Cost Inflation Index for the
year in which the asset is transferred bears to the Cost Inflation Index for the year in which the
improvement to the asset took place.

[Link] Inflation Index:Cost inflation index,in relation to a previous year,means such Index as the
Central Government may,having regard to 75%of average rise in the Consumer Price
Index(urban)for the immediately preceding previous year to such previous year,by notification in
the Official Gazette, specify,in this behalf. Cost Inflation Index for different financial years is as
follows:
New Cost Inflation Index [CII]
CII factors as notified for each financial year with 2001-02 as the base year are as under:
FV CII FV CII FV CII FV CII
2001-02 100 2007-08 129 2013-14 220 2019-20 289
2002-03 105 2008-09 137 2014-15 240 2020-21 301
2003-04 109 2009-10 148 2015-16 254 2021-22 317
2004-05 113 2010-11 167 2016-17 264 2022-23 331
2005-06 117 2011-12 184 2017-18 272 2023-24 348
2006-07 122 2012-13 200 2018-19 280 2024-25 363

Note:Indexed cost of acquisition has to be ascertained with reference to the date of acquisition and
not with reference to the date when such asset became a capital asset.
Treatment of assets acquired before 1/4/2001
Cost of acquisition If an asset is acquired before 1/412001 then its cost of acquisition shall
be higher of the following:

a)Actual cost of acquisition (ignoring cost of improvement incured

before 1/4/2001);or
b)Fair market value12 of the asset as on 1/4/2001 [Sec.55]
Exception:The option is not available in case of-
• Asset on which depreciation is allowed u/s 32(1)(ii);
• Self generated assets(other than bonus share)
Cost of Any cost of improvement incurred by the assessee or the previous owner
improvement before 1/4/2001 shall not be considered.
Indexation Where an asset is acquired before 174/2001,then indexation benefit shall
be available from the year 2001-02.

Note:Fair market value means the price that the capital asset would ordinarily fetch on sale in the
open market on the relevant date and where such price is not ascertainable,the price as may be
determined in accordance with the rules made under this Act.

At a glance,computation of capital gain of______for the Assessment Year ………

Particulars Amount Amount
Sale consideration(Full value of consideration) xxxx
Less:Expenses on transfer xxxx
Net sale consideration xxxx
Less:i)Cost of acquisition xxxx xxxx
ii)Cost of improvement xxxx xxxx
Short Term Capital Gain xxxx
Less:Exemption u/s 54B,54D,54G,etc. xxxx
Taxable Short Term Capital Gain xxxx

Note:No deduction shall be allowed in computing the income chargeable under the head "Capital
gains"in respect of any sum paid on account of securities transaction tax.
At a glance,computation of capital gain of_______for the Assessment Year …………
Particulars Amount Amount
Sale consideration(Full value of consideration) xxxx
Less:Expenses on transfer xxxx
Net sale consideration xxxx
Less:i)Indexed cost of acquisition xxxx xxxx
ii)Indexed cost of improvement xxxx xxxx
Long Term Capital Gain xxxx
Less:Exemption u/s 54,54B,54D,54EC,54F,etc. xxxx
Taxable Long Term Capital Gain xxxx
Illustration 1.
On 23rd December,2023,Ritu sold 500 grams of gold,the sale consideration of which ₹13,50,000.
She had acquired this gold on 20th August.2001 for ₹4,00,000. Fair market value of 500 grams of
gold on 1st April,2001 was ₹3,60,[Link] out the amount of capital gain chargeable to tax for the
assessment year 2024-25.

Illustration 2.
Ms. Athmika has purchased a house property as on 17/08/2007 for ₹5,00,[Link] 1/05/2008, she
constructed a new floor on the same house at a cost of ₹2,50,[Link] 1/10/2023, she sold such
house for ₹22,00,000 and incurred brokerage @2%for arranging customer. Compute capital gain.

Illustration 3.
Mrs. Suman has jewellery, being gifted on 1/04/2009 by her brother Sukumar. Sukumar acquired
such asset for ₹60,000 as on 1/07/1996. On 1/07/2006, Sukumar has sewn a diamond worth
₹25,000 in such jewellery. On 1/04/2013, [Link] incurred polish expenditure on such
jewellery costing ₹5,000. As on-1/04/2023, [Link] sold such jewellery for ₹12,00,000.
Brokerage @1% of sale value was paid by her. The fair market value of the jewellery as on
-1/04/2005 is ₹2,00,000; 1/04/2009 is ₹5,00,000; and 1/04/2023 is ₹7,50,000.

• When amount of compensation enhanced by court it shall be charged in Previous Year

in which such amount is received.

Note:lacreased acquistion and the cost of improvement shall be taken to be nil

[Link].45(3):Transfer of Capital asset to a firm,AOP or BOI:When asset transfers as capital

contribution shall be taxable in the previous year in which such transfer takes place.
[Link].45(4): Transfer by a firm,AOP or BOI:When asset transfers on its dissolution shall be
chargeable to tax as its income of the previous year in which such transfer takes place.

Exemptible capital Gains

1.Sec46(1):Distribution of assets in kind by a company among its shareholders on its liquidation is
exempt from tax.
[Link] 47:Capital gains arising out of transactions not regarded as transfer.
[Link] 10(37):Capital gains on compensation received on compulsory acquisition of agricultural
land situated within specified urban limits by an individual or HUF [Link] land must have
been used for agricultural purpose during the preceding two years by such individual or his parents
or by such HUF.
4. Sec.54:Capital Gain arising on the transfer of property used for residence
This exemption is available to an individual and HUF Ifan amount earned by selling a residential
property is invested to purchase another property,then the capital gains earned by transferring the
ownership of a property is tax exempted. However,deductions can be claimed only if the following
conditions are met:
a)The building is owned by individual or HUF.
b)Such property was being used as residential house.
c)The income of such house property is chargeable under the head Income from House
Property'.
d)The exemption will be available only in relation to a house property which had been held by the
tax payer for period exceeding 24 months before transfer.
e)The assessee has,within a period of one year before or two year after the date of transfer
purchased one residential house in India or he has within a period of 3 years after date of transfer
constructed one residential house in India.
f)Where the amount of Capital gain does not exceeds Rs.2 crores, the tax payer should
purchase or construct Two residential house in India instead of one within f year before or 2 years
after the date of sale (w.e.f.A.Y.2020-21)

Quantum of Exemption:
[Link] Capital Gain arising from the transfer of such residential house or Cost of new residential
house purchased or constructed on Rs 10 crore,whichever is lower.
2. If assessee deposited the amount before the due date of furnishing the return under the Capital
Gains Account Scheme,1988,with specified bank authorized by the Central Government.

Withdrawal of exemption and tax on sale of new house:If he sold new house (Purchased or
constructed) or transferred within a period of 3 years then the given exemption will be withdrawn
and the old exempted capital gain and new capital gain shall be treated as STCG and chargeable to
tax in that previous year in which the new residential house is transferred.

Tax on unutilized amount:If the deposited amount is not utilized fully within 3 years, then the
amount not utilized shall be treated as LTCG of the previous year in which the period is expires.
Effect of Capital Gains Account Scheme:If the assessee cannot utilize the capital gain for
acquisition of new house on or before the due date in order to avail this exemption. After such
deposit he must utilize the deposit for acquiring the new house within 3 years from the date of
transfer of the old house.

Duration to keep the Capital Gain in Capital Gains Deposit Account Scheme (CGAS
Scheme):
1. Up to 2 years from the date of Sale,when plan to invest in one residential house property.
[Link] to 3 years from the date of Sale,when plan to construct one residential house Property.
[Link] the above durations,the money deposited in the CGAS Scheme would attract the capital
gains tax.

Illustration 4.
Mr. Sudarshan has a residential house property taxable u/s 22. Such property is acquired on
12/08/2009 for ₹2,00,000. The property is sold on 1/03/2024 for ₹25,00,000. He acquired another
residential house on 31/03/2024 for ₹17,00,000 for self-occupation. On 1/03/2025,he sold such
new residential house for ₹30,00,[Link] his capital gain for the AY.2024-25 and 2025-26.

[Link].548:Capital Gain arising from the transfer of Agricultural Land

Capital gains arising on the transfer of agriculture land situated in an urban area is exempt subject
to the following conditions:
[Link] land is owned by an individual or HUF
[Link] land was used at least 2 years immediately preceding the date of transfer for agricultural
purposes by the assessee or his parent or HUF as owner.
[Link] assessee should purchased new land within a period of 2 years from the date of transfer for
agricultural purpose.
Quantum of Exemption:
[Link] Capital Gain arising from the transfer of such land or Cost of new agricultural land
whichever is lower.
2. If assessee deposited the amount before the due date of furnishing the return under the Capital
Gains Account Scheme,1988,with specified bank authorized by the Central Government.

Withdrawal of exemption and tax on sale of new asset:If this new land is transferred within a
period of 3 years then the given exemption will be withdrawn. The old exempted capital gain and
new capital gain shall be treated as STCG and chargeable to tax in that previous year in which the
new land is transferred.
Tax on unutilized amount:If the deposited amount is not utilized fully within 2 years,then the
amount not utilized shall be treated as STCG/LTCG of the previous year in which the period is
expires.
.
Effect of Capital Gains Account Scheme: Such deposit must utilize for the acquiring new
agricultural land within 2 years from the date of transfer of the old agricultural land.

Illustration 5.
Rituparna ·Ltd., purchased a land for industrial undertaking in May 2008, at a cost of ₹3,50,000.
The above property was compulsorily acquired by the State Government at a compensation of
₹12,00,000 in the month of January,2024. The compensation was received in February,2023. The
company purchased another land for its industrial undertaking at a cost of ₹2,00,000 in the month
of March,2024. What is the amount of the capital gains chargeable to tax in the hands of the
company for the A.Y.2024-25,CII for 2008-09:137,2023-2024:348

Sec.54D:Capital Gain on compulsory acquisitlon of land and bullding for this part of
industrial undertaking
Capital gains arising on the transfer by way compulsory acquisition under any law of land or
building is exempt subject to the following conditions:
a)The land or building should be used by the assessee for the purpose of an industrial undertaking.
b)This land or building was used at least 2 years immediately preceeding the date of transfer being
used for business of industrial undertaking.
e)New land or building should be purchased or construct within three years after the date of
transfer for the purpose of shifting or reestablishing the industrial undertaking or setting up
another industrial undertaking in that building.

Quantum of Exemption:
[Link] Capital Gain arising from such land or amount invested in new land or building for
acquisition or construction,whichever is [Link] the amount of capital gain exceeds the cost of
acquisition or construction,only the excess shall be chargeable to tax.
[Link] assessee deposited the amount before the due date of furnishing the return under the Capital
Gains Account Scheme,1988,with specified bank authorized by the Central Government.

Withdrawal of exemption and tax on sale of new asset:If this new asset is transferred within
a period of 3 years then the given exemption will be withdrawn. The old exempted capital gain and
new land is transferred.
 Tax on unutilized amount: If the deposited amount is not utilized fully within 3 years,then
the amount not utilized shall be treated as STCG of the previous year in which the period is
expires
Effect of Capital Gains Account Scheme:Such deposit must utilize for the acquiring new
and or building within 3 years from the date of transfer of the old agricultural land

[Link].54EC:Capital Gain arising from transfer of a long term capital Asset invested in long
term specified Asset:
When an assessee transfers a long term asset (original asset)and invest the capital gain in the long
term specified assets, i.e, certain bond shall be entitled to exemption as per the following
conditions:
a. The new asset should be purchased within a period of six months from the date of transfer.
b. The amount of capital gains should have been invested in the specified bonds issued by Rural
Electrification Corporation Ltd (RECL) or National Highways Authority of India or (NHA) or
Power Fiance Corporation Ltd,or Indian Railway Finance Corporation Ltd or any other bond
notified by the Govt. of India.
c. The amount of exemption shall be the amount of capital gain or cost of acquisition of new asset
whichever is low.
d. Assessee shall not transfer or convert or avail loan or advance on the security of the above
bonds within a period of three years from the date of its [Link] it is transferred or
converted,it shall be chargeable to tax as a long term capital gain of the previous year in which the
new asset is transferred or converted.
e. The maximum amount of investment shall not exceed 50 lakh during any Financial Year.
f. Where the assessee has claimed exemption from in respect of new asset under this section, On
such cost,he will not be entitled to deduction u/s 80C

8. Sec.54F:Gain from the sale of an asset other than a residential house property is used to
buy a residential house:
Conditions:
1. Assessee is an Individual or HUF.
[Link] capital gain should be from a sale of a long term capital asset which is not a residential
house. Transfer of Plot is also eligible for exemption.
[Link] limit of Purchase or Construction:Purchase should be made within 1 year before or 2 years
after the date of transfer or Construction should be complete within 3 years from date of transfer.

Quantum of Exemption:Minimum of the following:

a. If the cost of the new house is not less than the net consideration in respect of the capital asset
(original asset),the whole of such capital gain shall be exempt from tax.
b. If the cost of the new house is less than the net consideration in respect of the asset transferred,
only proportionate capital gains is exempt i.e,
Exempted amount =Capital gain x (Cost of New house or Rs.10 crore whichever is lower)
Net Sale Consideration
#Net Consideration =Sale Proceeds -Expenditure on transfer
5. If above investment is not made before the date of filing Income tax return,the taxpayer should
deposit the capital gains amount in CGAS Scheme
[Link] Taxpayer should not own more than one residential house on the date of sale. The Taxpayer
should not purchase any residential house within 2 years or construct residential house within 3
years from the date of sale.

Illustration 6.
From the following particulars,compute the taxable capital gains of Mr. D for A.Y.2024-25
Particulars Amount(₹)
Cost of jewellery [Purchased in F.Y.2009-10] 4,52,000
Sale price of jewellery sold in January 2024 11,50,000
Expenses on transfer 7,000
Residential house purchased in March 2024 5,00,000
CII 2009-10:148,2023-24:348

[Link].54G:Capital Gains arising from the transfer of assets in the course shifting an
Industrial Undertaking from an Urban area to a non-urban area
Conditions
[Link] assessee transfers a capital asset in the nature of plant,machinery, land, or building any right
in land or building.
[Link] should be used for the purpose of industrial undertaking situated in urban area.
3. Transfer is due to shifting to any area other than an urban area.
[Link] capital gain arising from the transfer of the original asset should be used to purchase a new
plant or machinery, purchase or construct a building, shift the original asset and its
establishment,or incur expenses for other purposes as specified in a scheme framed by the Central
Government for this purpose.
5. The exemption is available to all assesses.
6. An"urban area"is any area within the limits of a municipal corporation or municipality that the
Central Government declares as an urban area for the purposes of Section 54G.
[Link] capital gain must be used for the specified purposes within 1 year before or 3 years after the
date of transfer.
[Link] gain that has not been utilized on or before the due date of furnishing the return of
income for the specified purposes should be deposited in a bank under the capital gain account
scheme on or before the due date of furnishing the return of income.
9. The amount of exemption will be the lower of the following:
Amount of capital gains or Aggregate of the amount invested in new assets,expenses
on transfer or establishment,and the amount deposited in the CGAS.

[Link].54GA From Capital Gain on Transfer of Capital Assets In Case of Shifting of

Industrial Undertaking From Urban Areas To Special Economic Zone [Sec.54GA]
This exemption is applicable to any assessee.
Conditions:
a. Machinery, plant, building, land or any rights in building or land used for the business of an
industrial undertaking situated in an urban areas is transferred
b. Transfer is due to shifting to any special economic zone.
c. Within a period of one year before or three years after the date of transfer purchase machinery
plant,required building,land,or constructed building a completed shifting to the SEZ.
d. Amount of deduction: Minimum of amount of capital gain or aggreage amount for the above
purpose and the amount deposited in CGAS.
[Link].54GB:Capital Gain on Transfer of Residential Property for Investment in Eligible
Company
Conditions:
[Link]-term capital asset being residential property (a house or plot of land).
[Link] exemption can be availed if the assessee invests the net consideration in equity shares of an
eligible company and such a company uses this investment to buy a new plant and machinery.
[Link] exemption is available only to an 'Individual' or a 'Hindu Undivided Family.
[Link] exemption is available only if the original asset is transferred between April 1,2012,and
March 31,[Link],if the investment is to be made in an eligible start-up,the original asset
can be transferred up to March 31,2022.
[Link] eligible company means a company incorporated in India on or after April 1 of the previous
year in which capital gains arise and engaged in the business of manufacture of any article or thing
or in an eligible business. Further,the transferor (assessee) of residential property has more than
25%share capital or voting right of such company,and the company is either an SME under the
MSME Act,2006,or an eligible start-up.

6. 'Eligible Start-up 'means a company engaged in eligible business and satisfies the following
conditions:
(a) It is incorporated between April 1, 2016,and March 31,2024;
(b) The total turnover of its business does not exceed Rs.100 crores in any of the previous years
between April 1,2016,and March 31,2024;and
(c) It has been certified as a start-up by the Inter-Ministerial Board of Certification, notified by the
Central Government.

Illustration 7.
Mr. Harish purchased a residential house for 3,00,000 in August 2010. He sold this house for
12,00,000 in October,[Link] taxable capital gains if he purchases 3 year bonds within six
months for 2,75,000 and deposits 2,25,000 in capital gains account scheme in March [Link]
inflation index for 2010-11:167; 2024-25:348.

Illustration 8:
Mr. A provides the following data regarding his transaction for the sale of his residential
house. Compute the taxable capital gain for the A,Y,2024-25.
House purchased in 2001-02 5,00,000, sold in November 2023 ₹56,00,000, purchased
another residential house in Sept.2023, ₹12,00,000, invested in bonds of NHA of India in January
2024 ₹1,00,000. CII in 2001-02 was 100 and for 2023-24 it was 348.

Illustration 9.:
Mr. Rakesh sells his only residential house in Mangalore on 24th August,2023 for 39,00,000.
Cost of acquisition of the house for him in 1998 was 1,80,000 and on 1st April,2001 the fair
market value was 4,00,[Link] 16th January,2024 he purchased a residential flat in Mangalore for
5,00,000 and deposits 1,00,000 in Capital Gains Account Scheme.
Compute taxable capital gain for the assessment year [Link] for 2001-02 was 100 and
for 2023-24 it was 348.

Illustration 10.
[Link] sells his only residential house in Bangalore on 18th August 2023,for 90,00,000/-and
incurs and expenditure of 1,40,000/-in connection with the transfer. Cost of acquisition of the
house for him in 1998 was 3,60,000/-and on 1st April 2001the Fair Market Value was ₹ 4,00,000.
On 10th January 2024,he purchased a residential apartment in Mangalore for 10,00,000 and
deposited 2,00,000 in the Capital Gains Account Scheme.
Compute the taxable Capital Gains for the Assessment Year [Link] for 2021-02 was
100 and for 2023-24 it was 348.

Illustration 11.
Mr. Vijay sold the following assets during previous year:
1. Gold ornaments acquired in July 2021 for 1,00,000 were sold for 1,20,000 in June 2023.
2. Self-cultivated land was sold for 4,50,000 in June 2021 and its purchase price in 2008-09
was 2,50,[Link] purchases new land for cultivation in January 2024 for 4,25,000
3. Maruthi Van sold on 1-12-2023 for 90,000 which was purchased by him in January 2023
for 1,40,[Link] written down value on 1-4-2023 was 1,00,000(Van used for business)
4. Residential house purchased in July 1998 for 50,000 sold for for 16,00,000 on 1st January
[Link] the year he purchased new residential house for 3,00,000 and invested 40,000 in
specified bonds.
Compute taxable capital gains. CII 2001-02:100,2008-09:137,2021-22:317,and 2023-24:348)

Illustration 12.
From the following information provided by [Link] compute his taxable income from capital
gains;
[Link] land casting 2,00.000 (which was acquired in December 2013)was sold for
₹10,50000,on 15th March2024.
2. House hold furniture costing ₹25,000 in Feb.2023 was sold in March 2024 for ₹35,000.
[Link] at Bangalore:let out for residential purposes. It was purchased by him in July 1996
for ₹80,000. FM₹ as on 1-4-2001 ₹5,00,000. Sale price on 31st July 2023 ₹20,20,000. Cost of
improvement made during 2009-10 ₹40,[Link] on transfer are 30,000.
4. Motor car(used for professional purposes)was sold on 1-10-2023 for ₹42,000. Its
W.D.V. on 1-4-2023 was ₹38,000.
5. Shares of Tata Steel Ltd.,purchased on 1-1-2022 for ₹15,000 were sold for ₹30,000 in
March 2024; brokerage paid for the sale ₹300.
CII for 2001-02:100, 2009-10:148, 2013-14:220

Illustration 13
Mr. Sripad owns 2 acres of agricultural land in an urban area of Chittur which he sold on 30 th
November 2023 for ₹50,00,[Link] particulars are:
a. Cost of 2 acres of land purchased in 1997 ₹3,00,000.
b. F.M.V. as on 1-4-2001 ₹4,50,000.
c. Selling expenses ₹50,000.
d. He owns one residential house on 30-11-2023.
e. [Link] purchased 2 acres of agricultural land in a rural area for ₹10,00,000 on 10-6-2024.
f. He purchased a plot to construct a residential building for ₹ 3,00,000 in Kaakinada
g. He deposits ₹3,00,000 in a scheduled bank in CGAS 1988 on 30-7-2024.
Compute the taxable capital gain for the A.Y.2024-25.
CII for 2001-02:100, and 2023-24:348
Illustration:
a. Jewellery costing ₹80,000 (which was acquired in June 2021)was sold for ₹1,00,000 in May
2023.
b. House at Kolkatta: Let out for residential purposes. It was inherited by him in 1994. Sale price
on 31-10-2023 ₹9,50,[Link] market value on 1-4-2001 ₹1,00,000. Cost of improvement made
during 2015-16 ₹25,000, expenses on transfer are 25,000.
c. House hold furniture costing ₹14,000 in October 2023 was sold for ₹20,000 in March 2024.
d. Car was sold on 1-12-2023 for45,[Link] written down value on 1-4-2023 was 38,000.
e. Agricultural land in Kaakinada was sold for ₹5,25,000 in July [Link] had cost him ₹85,000 in
December [Link] purchased agricultural land for≥1,20,000 in January 2024.
Compute his taxable capital gains.
CII for 2001-02:100,2015-16:254,2016-17:264 and 2023-24:348

Illustration 15
Mr. Mahesh sold the following assets during the previous year.
a. Gold ornaments acquired in July 2021 for ₹1,50,000 were sold for ₹1,80,000 in June 2023.
b. Self cultivated land was sold for ₹6,50,000 in June 2023 and its purchase price in 2007- 2008
was ₹50,000,cost of transfer5,000. He purchased new land for cultivation in Jan.2023 for ₹
1,25,000.
c. Motor car sold on 1.12.2024 for ₹90.000, which was purchased by him in January 2022 for
1,40,[Link] written down value on 1.4.2023 was?1.00,000 (car used for business).
d. Residential house purchased in July 2023 for 60.000,sold for ₹8,00.000 on1-1-2024.
e. Self-cultivated land was compulsory acquired under a law for 80.000 on 1.1.2024 and its
cost in 2003-04 was65,400.
During the year he purchased new residential house for ₹ 2,50.000 and invested ₹260,000in
specified bonds.
Compute taxable capital gains.
CII for 2001-02:100,2003-04:109.2007-08:129,2013-14:220 and 2023-24:348

Illustration
a. Agricultural land in Mangaluru costing ₹3,00,000 which was acquired in 2001 was sold for
₹50,00,000 on 5th March 2024. He purchased new agricultural land on 30th March 2024
for₹18,00,000.
b. Household furniture costing ₹50,000 in March 2007 was sold in March 2024 for ₹75,000.
c. House at Mangaluru is let out for residential purposes. It was purchased by him in August 1978
for ₹90,000. FMV as on 01.04.2001 is ₹1,50,000. Sale price on 1st August 2024 is
₹25,50,[Link] of improvements made during 1989-90 ₹35,[Link] of transfer
₹25,000. He invested ₹3,00,000 n specified bonds on 1st October 2024.
d. Motor car(used for professional purposes)was sold on 1st October 2024 for 68,000 (purchased
for ₹1,50,000) its WDV on 01.04.2023 was ₹42,000.
e. Jewellery costing ₹2,00,000 which was purchased in December 2016 was sold for ₹3,50,000 in
March 2024.
CII for 2001-02:100,2006-07:122,2016-17:264 and 2023-24:348