Quiz for the week (17 Aug 2026) :
Ms. Latha sold a vacant urban land for Rs.60 lakhs on 10.2.2026. The stamp duty value of the land on that date was Rs.65 lakhs. The land was originally acquired by her father for Rs.10 lakhs on 10.4.2002. He had mortgaged the property and received Rs. 5 lakhs as loan in the FY 2003-04. He died on 20.6.2022 and on that date the interest on mortgage loan outstanding was Rs. 3.20 lakhs. Ms.Latha paid the mortgage loan and interest on 5.6.2022 of Rs.3.30 lakhs. Compute the capital gain chargeable to tax in the hands of Ms. Latha.
Share your thoughts on or before 24.08.2026.