Mr. X sold his old residential house in April, 2020 for 7 28,00,000. Long-term capital gain arising on transfer of old house amounted to ₹ 8,40,000. In December, 2020, he purchased another residential house worth 7 5,00,000. The new house was however, sold in April, 2021 for ₹ 14,00,000 (stamp duty value of the new house was ₹ 12,00,000). What will be amount of taxable capital gains in the hands of Mr. X for the AY. 2021-22 and 2022-23?
A. Long term capital gain of ₹ 3,40,000 in AY. 2021 -22 and short-term capital gain of ₹ 14,00,000 in AY. 2022-23
B. Long term capital gain of ₹ 3,40,000 in A.Y. 2021 -22 and long term capital gain of ₹ 5,00,000 and short-term capital gain of ₹ 14,00,000 in AY. 2022-23
C. Long term capital gain of ₹ 3,40,000 in AY. 2021-22 and long term capital gain of ₹ 5,00,000 and short-term capital gain of ₹ 9,00,000 in A.Y. 2022-23
D. Long term capital gain of ₹ 3,40,000 in A.Y. 2021 -22 and long term capital gain of ₹ 5,00,000 and short-term capital gain of ₹ 7,00,000 in A.Y. 2022-23
Answer:A
Mr. X sold his old residential house in April, 2020 for 7 28,00,000. Long-term capital gain arising on transfer of old house amounted to ₹ 8,40,000. In December, 2020, he purchased another residential house worth 7 5,00,000. The new house was however, sold in April, 2021 for ₹ 14,00,000 (stamp duty value of the new house was ₹ 12,00,000). What will be amount of taxable capital gains in the hands of Mr. X for the AY. 2021-22 and 2022-23?
A. Long term capital gain of ₹ 3,40,000 in AY. 2021 -22 and short-term capital gain of ₹ 14,00,000 in AY. 2022-23 B. Long term capital gain of ₹ 3,40,000 in A.Y. 2021 -22 and long term capital gain of ₹ 5,00,000 and short-term capital gain of ₹ 14,00,000 in AY. 2022-23 C. Long term capital gain of ₹ 3,40,000 in AY. 2021-22 and long term capital gain of ₹ 5,00,000 and short-term capital gain of ₹ 9,00,000 in A.Y. 2022-23 D. Long term capital gain of ₹ 3,40,000 in A.Y. 2021 -22 and long term capital gain of ₹ 5,00,000 and short-term capital gain of ₹ 7,00,000 in A.Y. 2022-23