Question 1: Mr. X has sold a residential House for 20,00,000 to Mr. Y on...
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Question 1: Mr. X has sold a residential House for 20,00,000 to Mr. Y on 15.3.2019 (Indexed cost of Acquisition 25 lakh). Brokerage on sale is 1%. The Stamp Duty Value of the property is ? 35,00,000. Out of the sale proceeds Mr. X purchases a new residential house on 15.6.2019 for * 17,50,000. On the date of transfer of residential house Mr. X owned 3 houses. You are required to compute the Total income of Mr. X and Mr. Y for the A.Y 2019-20
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