On 1.6.2020 Kamlesh transferred his vacant land to Rajesh for ₹ 12 lakhs. The land was acquired on 1.9.2015. The indexed cost of acquisition of the said land is ₹ 3,70,909. The taxable capital gain would be:
A. long term capital gain ₹ 8,29,091
B. short-term capital gain ₹ 9 lakhs
C. long-term capital gain ₹ 9 lakhs
D. short term capital gain ₹ 8.70 lakhs
Answer:A
On 1.6.2020 Kamlesh transferred his vacant land to Rajesh for ₹ 12 lakhs. The land was acquired on 1.9.2015. The indexed cost of acquisition of the said land is ₹ 3,70,909. The taxable capital gain would be:
A. long term capital gain ₹ 8,29,091 B. short-term capital gain ₹ 9 lakhs C. long-term capital gain ₹ 9 lakhs D. short term capital gain ₹ 8.70 lakhs