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AAFM GLO_CWM_LVL_1 Exam - Topic 3 Question 46 Discussion

A businessman sold Rs. 85 lakh value of unlisted securities on 20th December 2012. These shares were acquired in April 2008 for Rs. 20 lakh. He invested Rs. 40 lakh from these proceeds in February 2013 in his first residential house to avail benefit under Section 54F of the Income-tax Act, 1961. What approximate amount of bonds specified under Section 54EC should he purchase and by what date so as to make his capital gains liability almost ''Nil'' towards these transactions? Cost inflation index for FY 2008-09: 582, 2012-13: 852.
D) Rs. 29.50 lakh, 19th June 2013
A) Rs. 26.23 lakh, 19th June 2013
B) Rs. 15.73 lakh, 30th July 2013
C) Rs. 27.01 lakh, 30th July 2013

AAFM GLO_CWM_LVL_1 Exam - Topic 3 Question 46 Discussion

Actual exam question for AAFM's GLO_CWM_LVL_1 exam
Question #: 46
Topic #: 3
[All GLO_CWM_LVL_1 Questions]

A businessman sold Rs. 85 lakh value of unlisted securities on 20th December 2012. These shares were acquired in April 2008 for Rs. 20 lakh. He invested Rs. 40 lakh from these proceeds in February 2013 in his first residential house to avail benefit under Section 54F of the Income-tax Act, 1961. What approximate amount of bonds specified under Section 54EC should he purchase and by what date so as to make his capital gains liability almost ''Nil'' towards these transactions? Cost inflation index for FY 2008-09: 582, 2012-13: 852.

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Suggested Answer: D

by Cyril at Jun 24, 2022, 03:55 AM

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Juliana
9 months ago
Just to clarify, the deadline is crucial for this, right?
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Coral
9 months ago
I disagree, I feel like option A is more accurate.
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Basilia
9 months ago
Wait, is it really that much for bonds? Seems high.
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Nobuko
9 months ago
I think option C looks right.
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Jacklyn
9 months ago
The cost inflation index really impacts the calculations!
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Aliza
10 months ago
I think the Rs. 27.01 lakh option sounds right based on my calculations, but I need to double-check the dates for the bond purchase.
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Krissy
10 months ago
I believe the cost inflation index plays a big role here, but I'm a bit confused about the deadlines for purchasing the bonds.
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Tiffiny
10 months ago
This question seems familiar! I think we practiced a similar one where we had to calculate the indexed cost of acquisition.
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Han
10 months ago
I remember we discussed Section 54EC in class, but I'm not entirely sure how to calculate the exact amount needed to offset the capital gains.
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Ronny
10 months ago
I'm a bit lost on this one. The Pillars seem familiar, but I can't quite recall them all. I'll have to make an educated guess and hope for the best.
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Dominga
10 months ago
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Jeffrey
10 months ago
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upvoted 0 times
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Launa
10 months ago
This seems straightforward to me. Based on the requirements, Profile streaming is the obvious choice to minimize login time for the Graphic Designers Group. I'm confident that's the right answer.
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