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AAFM Exam CTEP Topic 1 Question 47 Discussion

Actual exam question for AAFM's CTEP exam
Question #: 47
Topic #: 1
[All CTEP Questions]

Lokesh purchased a flat on 1-4-1996 for Rs. 10,00,000/-. He sells the same flat on 1-10-2006 for Rs. 25,00,000/-. As a CTEP calculate the Indexed Cost of Acquisition on which capital gain would be calculated. (The CII of year 1995-96 is 281, for year 1996-97 is 305, for year 2005-06 is 497 and for year 2006-07 is 519).

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Suggested Answer: D

by Eugene at Aug 07, 2024, 06:14 AM

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Yaeko
2 months ago
Wait, did they just throw in a random joke about calculators and coffee? I love it!
upvoted 0 times
Stanford
14 days ago
C) Rs.17,68,683
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Alberta
16 days ago
B) Rs.18,46,975
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Kenneth
22 days ago
A) Rs.17,01,639
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Leanora
2 months ago
The CII values are a bit of a jumble, but I think I've got it figured out. Time to show off my tax expertise!
upvoted 0 times
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Barb
2 months ago
Hmm, I wonder if I can get the computer to do this for me. Surely there's an app for that, right?
upvoted 0 times
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Pamella
2 months ago
Okay, let's break this down step-by-step. I've got my calculator and a strong cup of coffee ready!
upvoted 0 times
Leota
6 days ago
D) Rs.16,29,508
upvoted 0 times
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Beula
29 days ago
C) Rs.17,68,683
upvoted 0 times
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Rima
2 months ago
B) Rs.18,46,975
upvoted 0 times
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Serina
2 months ago
A) Rs.17,01,639
upvoted 0 times
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Ardella
2 months ago
I believe the answer is Rs.17,68,683 because we need to adjust the purchase price based on the CII values for the respective years.
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Shawnta
2 months ago
I agree, let's use the CII values provided to find the correct amount.
upvoted 0 times
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Jesse
2 months ago
I think we need to calculate the Indexed Cost of Acquisition first.
upvoted 0 times
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Eden
2 months ago
Ah, now this is a tricky one! Gotta love those pesky cost indexation calculations.
upvoted 0 times
Aja
2 months ago
B) Rs.18,46,975
upvoted 0 times
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Ettie
2 months ago
A) Rs.17,01,639
upvoted 0 times
...
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