Mr. Kay purchases a house property on April 10, 1992 for ₹ 65,000. The fair market value of the house property on April 1, 2001 was 2,70,000. On August 31, 2003, Mr. Kay enters into an agreement with Mr. Jay for sale of such property for ₹3,70,000 and received an amount of ₹ 60,000 as advance. However, as Mr. Jay did not pay the balance amount, Mr. Kay forfeited the advance. In May 2008, Mr. Kay constructed the first floor by incurring a cost of ₹ 2,35,000 Subsequently, in January 2009, Mr. Kay gifted the house to his friend Mr. Dee. On February 10, 2024, Mr. Dee sold the house for ₹ 12,00,000. Cll for FY. 2003-04: 109; 2008-09: 137; 2023-24: 348. Compute the capital gains in the hands of Mr. Dee for A.Y.2024-25
December 1, 2024