Income Tax Law & Practice — DU Bachelor of Business Administration (Financial Investment Analysis) Previous Year Question Papers

5. Parts of every question must be answered together. Shri Chandra is working with ABC Ltd. where he receives a monthly salary of 1,50,000. Additionally, he is entitled to an entertainment allowance and commission, each amounting to `5,000 per month. The employer extends several perquisites and facilities to him which are outlined below : He has been allotted a residential accommodation in Delhi owned by the company. Additionally, furniture valued at `2,40,000 was provided to him on 1st August 2024. On the same date, i.e., 1st August 2024, the company granted him a personal loan of `5,00,000 at an interest rate of 6.75% per annum. The loan remains unpaid during the year. (The prevailing SBI lending rate is assumed to be 12.75%.) On the occasion of his birthday (21st September 2024), the company gifted him a ring worth `15,000. The employer settled his credit card expenses of `12,000 along with the annual fee of `2,000. His son has been permitted to use a motorcycle owned by the company. The motorcycle was acquired by the company on 1st May 2024 for `60,000, with depreciation applicable at 10%. Subsequently, the vehicle was transferred to Mr. Chandra on 31st March 2025 for `30,000. A small motor car is also provided to him for both official and personal use. However, the running and maintenance expenses amounting to `36,000 are borne by him. The telephone expenses for the connection installed at his residence, amounting to `18,000, are paid by the employer. Expenses incurred on hotel accommodation during official tours, totaling 30,000, are reimbursed by the company. Lunch is provided to him during working hours for 20 days in a month for 12 months, with a total cost to the employer of `12,000. The company also bears electricity expenses amounting to `10,000 pa. Professional tax of `2,000 has been paid by Mr. Chandra. Tax deducted at source (TDS) by the employer amounts to `3,70,000. Additionally, he has paid advance tax of `5,400 during the year. Compute his taxable salary for the assessment year 2025-26 under new tax regime u/s 115BAC. Mr. Nathu transferred a house property without adequate consideration to his spouse Mrs. Gupta. She lets out the house property to a tenant and submits the following particulars related to the previous year 2024-25: Municipal valuation Rs. 1,25,000, Standard Rent Rs. 1,40,000, Rent of similar building Rs. 1.35.000. Rent received Rs. 2,10,000 including hire charges for the furniture provided to the tenant Rs. 30.000,Municipal taxes Rs. 25,000, Interest paid on loan taken to construct the house Rs. 63,500. Discuss who is the owner of the house property and why? Compute the income from house property for the assessment year 2025-26 under Section Mr. Dev sold the following assets during the Previous Year 2024-25 : 1. Sale of Commercial Building Sold for `80,00,000 on 5 July 2024 Stamp duty value: `95,00,000 Expenses on transfer: `1,50,000 Purchased on 12 June 2010 for `20,00,000