Question

X purchased a piece of land on 4 January 1978 for 50,000. The land was sold by him on 2 September 2021 for 17,00,000. The market value of the land as on 1 April 2001 was 5,11, 200. Expenses on transfer were 2% of the sales price. The capital gain for the assessment year 2022-23 is: [Cost Inflation Index for 2021-22 is 317]

• A. ₹ 45,496
• B. ₹ 50,000
• C. ₹ 16,66,000
• D. ₹ 11,54,800

Answer 1

Answer: (A)

₹ 45,496

Answer 2

The correct option is (A):₹ 45,496