Mr. Madan sold a vacant land for ₹ 120 lakhs on 10.10.2018. The indexed cost of acquisition amounts to ₹ 18 lakhs. He deposited ₹ 50 lakhs in REC bonds in January 2019 and another ₹ 50 lakhs in March, 2019. The amount of capital gain liable to tax after deduction under section 54EC is:
A. ₹ 2 lakhs
B. ₹ 52 lakhs
C. ₹ 102 lakhs
D. ₹ 18 lakhs
Answer:B
Mr. Madan sold a vacant land for ₹ 120 lakhs on 10.10.2018. The indexed cost of acquisition amounts to ₹ 18 lakhs. He deposited ₹ 50 lakhs in REC bonds in January 2019 and another ₹ 50 lakhs in March, 2019. The amount of capital gain liable to tax after deduction under section 54EC is:
A. ₹ 2 lakhs B. ₹ 52 lakhs C. ₹ 102 lakhs D. ₹ 18 lakhs