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A businessman sold Rs. 85 lakh value of unlisted securities on 20th December 2016. These shares were acquired in April 2012 for Rs. 20 lakh. He invested Rs. 40 lakh from these proceeds in February 2017 in his first residential house to avail benefit under Section 54F of the Income-tax Act, 1961. Cost inflation index for FY 2012-13 : 852 , 2016-17 : 1125.
1. What is the Indexed cost of acquisition in the year of sale?
a. 20,40,845
b. 20,46,845
c. 26,40,845
d. 26,46,845
2. What is the Long Term Capital Gains?
a. 58,58,155
b. 58,59,155
c. 59,58,155
d. 59,59,155
3. What is the Ratio of cost of new asset to net consideration?
a. 0.4706
b. 0.6706
c. 0.7046
d. 0.9706
4. What is the Exemption eligible under Section 54F?
a. 25,57,249
b. 25,75,249
c. 27,57,249
d. 27,75,249
5. What approximate amount of bonds specified under Section 54EC should he purchase and by what date so as to make his capital gains liability almost ‘Nil’ towards these transactions?
a. 30,12,000 and 19th June 2017
b. 30,20,000 and 19th December 2017
c. 31,02,000 and 19th June 2017
d. 31,20,000 and 19th December 2017
Solution :
1 - c
Cost of acquisition of unlisted shares : 2012-13 = 20,00,000
Indexed cost of acquisition in the year of sale = 26,40,845 (2000000*1125/852)
2 - b
Sale proceeds : December 2016 = 85,00,000
Cost of acquisition of unlisted shares : 2012-13 = 20,00,000
Indexed cost of acquisition in the year of sale = 26,40,845 (2000000*1125/852)
Long Term Capital Gains = 58,59,155 (85,00,000-26,40,845)
3 - a
Cost of new asset: a residential house = 40,00,000
Sale proceeds : December 2016 = 85,00,000
Ratio of cost of new asset to net consideration = 0.4706 (40,00,000/85,00,000)
4 - c
Long Term Capital Gains = 58,59,155 (85,00,000-26,40,845)
Ratio of cost of new asset to net consideration = 0.4706 (40,00,000/85,00,000)
Exemption eligible under Section 54F = 27,57,249 (58,59,155*0.4706)
5 - c
Capital Gains chargeable to tax = 31,01,906 (58,59,155-27,57,249)
Approximate amount to be invested u/s 54EC bonds = 31,02,000
Date by which Sec 54EC bonds to be invested = 19th June 2017 (Within 6 months from sale)
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