Moti & Sons-HUF purchased a piece of land for Rs.1,05,000 in July, 2002. In July, 2006 the HUF was partitioned and one of the coparcener Manak got this piece of land. The value of the land in July, 2006 was of Rs.2,44,000 as assessed by Stamp Valuation Authority. Manak, after receipt of the land incurred expenses in August, 2007 of Rs.2,58,000 on construction of room, boundary wall and kitchen. The land so received was sold by him on 11.2.2023 for Rs.17,50,000. The amount of Capital Gain chargeable to tax in A.Y.2023-24 will be ...........( Take CII of 2002-03 as 105 ; 2006-07 as 122; 2007-08 as 129 and of 2022-23 as 331)
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