Quiz for the week (29 Jun 2026) :
Pranesh (age 45) was a partner in Excel jewels. He retired from the firm on 15th February,2026. He received Rs.2 crore by way of refund of capital. He decided to commence business in Jewellery by name Saroj Jewellers by introducing 200 sovereigns of gold ornaments received as gift from his mother as his capital. Gift of jewellery was obtained in April,2026 and were acquired / obtained as streedhan in the year 1990 and before. The FMV of jewellery so received as on 1st April,2001 was Rs. 50 lakhs. He commenced his business in June, 2026. He decided to invest Rs. 100 lakhs in construction of residential building. Assume he sold 80% of the stock of jewellery during FY 2026-27 for Rs. 174 lakhs. Suggest how could he optimize his tax liability?
Share your thoughts on or before 06.07.2026.