GURU NANAK COLLEGE(AUTONOMOUS)

DEPARTMENT OF COMMERCE(A&F)
INTERNAL ASSESSMENT - II
INCOME TAX LAW AND PRACTICE-II
MARKS-50
Section-A
Answer all the Questions (5x10=50)

1. What is the basis for computing capital gain?

2. . Explain the following:
a) Sec 54
b) Sec 54EC
c) Sec 54F
d) Sec 54 G

3. Mr Z has sold a residential house property and the capital gains is Rs 25,00,000/- in June
2019, it was purchased during 2007-08(551).He paid brokerage worth Rs.10000. In October
2019(289), Mr Z purchased a new residential house property of Rs 30,00,000/-. And deposit
Rs10,00,000 in CGA scheme. Compute taxable capital Gain.

4. Mr. Avtar Singh purchased a plot in 2002-03 for Rs 400,000 and it was sold on 15-1-20 for Rs
14,80,000 . He paid Rs 20,000 as brokerage charges. He invested Rs 200,000 in bonds issued by
NHAI on 31-3-20 and Rs 310,000 in Bonds issued by Rural electrification corporation on 1-6-
2019 ( Both notified u/s 54 EC) Compute the taxable amount of capital gain if CII for 2002-03 is
105 and for 2019-20 is 289.

5.Mr. Z acquired a plot of land on 30-6-2006 [ CII = 122] for Rs 750,000 and spent Rs 28,500 on
its registration and brokerage ,etc. This plot was sold for Rs 21,00,000 on 30-6-2019 [ CII =
289]. He had purchased a house for Rs 400,000 on 1-8-2017 for his own residence. He had paid
Rs 5,000 as ground rent for the plot held by him. Compute the amount of taxable capital gain for
the assessment year 2020-21.

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