Section B (2 Mark)

Section B (2 Mark)

Mr. Manish purchased a residential house for Rs.3 lakh on 1-4-1972. Its market value on 1-4-1981 was, however, Rs.12 lakh. He sells the house during the financial year 2011-12 for Rs.98 lakh. Calculate the taxable long term capital gain. [CII-12-13: 852,11-12: 785,10-11:711]
A . Rs. 12,90,000/-
B . Rs. 10,90,000/-
C . Rs. 3,80,000/-
D . Rs. 7,10,000/-

Answer: C