Calculate the capital gains for the given assessment year

Assignment Help Accounting Basics

Reference no: EM132745506

Question: Mr. R acquired a residential house on 1st September 1998 for Rs. 1,00,000. During the year 1999-2000, he spent Rs. 40,000 for the improvement of this property. During the year 2004-2005, he spent further amount of Rs. 50,000 on the improvement of the house. Mr. R gifted the said property to his son Mr. S on 12th October 2010. Mr. S spent the following amounts for the improvement of the property as below -

15.7.2015 - Rs. 50,000

15.6.2017 - Rs. 40,000

Mr. S sold the said property on 20th February 2020 for the amount of Rs. 10,00,000. He paid the brokerage of 2% of the consideration to the broker. Assuming the fair market value as on 1.4.2001 to be Rs. 3,00,000, calculate the capital gains for the Assessment Year 2020-2021.

Reference no: EM132745506

Questions Cloud

How much is the return of investment : The amount invested in Mutual Fund should be at most 90% of the amount invested in Ford & FTR combined. How much is the return of investment

What revenue from the sale of merchandise should be entered : What Revenue from the sale of merchandise should be entered in the accounting records at? The invoice price minus any cash discount

Appropriate disciplinary action for employees involved : Explain the appropriate disciplinary action for the employees involved in this situation and identify motivational alternatives that can help turn the situation

What is the accounts receivable turnover for hudson : Accounts receivable of $50,000 and $30,000 at the beginning and end of the year, respectively. What is the accounts receivable turnover for Hudson?

Calculate the capital gains for the given assessment year : Mr. R acquired a residential house on 1st September 1998 for Rs. 1,00,000. During the year 1999-2000, he spent Rs. 40,000 for the improvement of this property.

What hoover days in inventory was : Beginning inventory $110,000; ending inventory $70,000; cost of goods sold $1,100,000; and sales $1,600,000. Hoover's days in inventory in 2017 was

Organization with unsafe practices and behavior : Find an article giving example of an organization with unsafe practices and behavior.

What is the most important thing you need to evaluate for : Before you start an audit what is the most important thing you need to evaluate for and why? The response must be typed, double spaced.

Discuss ethical issues that can arise in contracting : Describe the risks and responsibilities in the contractor-customer relationship. Discuss the ethical issues that can arise in contracting.

User Account

All Pages