Sir,
The source of above question is MTP May’21 Series 2( New).
If you could pls explain why the ans to the 1st MCQ is option (b).I applied sec 115F for calculating deduction of capital gain in respect of shares of Mittal Ltd ( since it is foreign exchange asset bcoz it is acquired in convertible foreign currency) after applying 1st proviso to sec 48 ie convert & reconvert.
For shares of HEG Ltd if we apply 1st proviso we get long term capital loss of ₹483333.333.
My ans is not matching with any of the options stated.
Kindly explain.
After applying first proviso to section 48 on shares of Mittal , we get LTCG of 29 lakhs, out of which exempt as per 115F is 29 x90/150 which is 1740000. So taxable is 1160000.
And for HEG, section 112A shall apply and LTCG shall be 5 lakhs.
So total LTCG is 1660000.
Thank You!