Section A (1 Mark)
An option which gives the holder the right to sell a stock at a specified price at some time in the future is called a

Section B (2 Mark)
Which of the following statements is/ are correct?

Section C (4 Mark)
Mr. XYZ sells a Nifty Put option with a strike price of Rs. 4000 at a premium of Rs. 21.45 and buys a further OTM Nifty Put option with a strike price Rs. 3800 at a premium of Rs. 3.00 when the current Nifty is at
4191.10, with both options expiring on 31st July.
What would be the Net Payoff of the Strategy?
* If Nifty closes at 3980.55
* If Nifty closes at 4800

Section B (2 Mark)
Mr. Manish purchased a residential house for Rs.3 lakh on 1-4-1972. Its market value on 1-4-1981 was, however, Rs.12 lakh. He sells the house during the financial year 2011-12 for Rs.98 lakh. Calculate the taxable long term capital gain.[CII-12-13: 852,11-12: 785,10-11:711]

Section A (1 Mark)
In case of self occupied property, higher deduction u/s24(b) for interest on loan for construction can be claimed if borrowing was made