Ram purchased a house in Mumbai in March 2000 for Rs.3,50,000. In April,2009 he entered into an agreement to sell the property to Shyam for a consideration of Rs.1975000 and received earnest money of Rs.500000. As per the terms of the agreement, the balance payment was to be made within 30 days of the agreement. If the intending purchaser does not make the payment within 30 days, the earnest money would be forfeited. As Shyam could not make the payment within the stipulated time the amount of Rs.500000 was forfeited by Ram. Subsequently Ram sold the house in June,2009 for Rs.2130000. He paid 2% brokerage on sale of the house. Calculate the capital gains chargeable to tax for the assessment year 2010-11. [CII-12-13: 852,11-12: 785,10-11:711,09-00:389]
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TESTED 27 Dec 2024
