In this video, people compute the capital gain of Mr. Wai. Let us see what is given in this problem. Mr. Wai furnishes the following particulars and requests your advice as to the liability to capital gain for the assessment year 1718. Jewelry purchased by him on 10th March 1995. Before we proceed, let us try to understand whether jewelry is a capital asset or not. So if you see, it is clearly mentioned that a capital asset refers to any property excluding the following specified assets. So in this case, if you see point number 2, it is given that any person affects that is verbal property for personal use, it is not a capital asset because it is excluded. However, jewelry is considered to be a capital asset. So jewelry is a capital asset. This is clear. Even though generally it is personal and movable, still it will be considered as a capital asset. So we have understood that jewelry is a capital asset. And on the sale of jewelry, if we generate profit, we are liable to pay capital gain taxes. Now let's see what they are saying. Jewelry is purchased by him on 10th March 1995. So he bought this jewelry after 131. So you should remember that there are different cases or different situations in taxation. For each and every situation, the formula for index cost of acquisition differs. Now in this case, he is buying this well after 131. So let's see the formula for index cost of acquisition. If any asset is acquired after 1481, the formula for index cost of acquisition will be actual cost of acquisition into index of year of transfer upon index of year of acquisition. And the formula for index cost of improvement will be actual cost of...
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