Question 7: Mr. X (aged 55 years) owned a residential house in Ghaziabad. It was acquired by Mr. X on 10- 10-2007 for $6,00,000. He sold it for * 50,00,000 on 4-11-2018. The stamp valuation authority of the State fixed value of the property at * 75,00,000. The Assessee paid 2% of the sale consideration as brokerage on the sale of the said property. Mr. X, acquired a Residential House property at Kolkata on 10-12-2018 for * 10,00,000 and 5,00,000 on 15-6-2019 in the capital gains bonds of Rural Electrification Corporation Ltd. He deposited * 4.00,000 on 6- 7-2019 and * 3,00,000 on 1-11-2019 in the capital gain deposit scheme in a Nationalized Bank for construction of an additional floor on the residential house property in Kolkata. Compute the Capital Gain chargeable to Tax for the Assessment Year 2019-20 and Income Tax chargeable thereon assuming Mr. X has no other income. CII: F.Y 2007-08-129: F.Y 2018-19= 280. (