Quiz for the week (02 Mar 2026) :
Ms.Elizabeth owned a vacant land at Chennai which was acquired in the FY 2004-05 for Rs. 5 crores. She sold the vacant land for Rs. 12 crores on 30th December, 2025. Invested the entire sale consideration in acquiring a residential house in May, 2026. She does not own any residential house property in India. What is the tax implication of the transaction?
Share your thoughts on the above on or before 9th March, 2026.