Basic Personal Taxation — DU B.Com. (Hons.) Previous Year Question Papers

7. Q.1 : Write Short Note on the following- (a) Residential Status of an Individual. (b) Previous year (d) Meaning of Agricultural Income Ci.2:SiddharthisanlndiancitizenwhoisworkingforExcelExportsPvt.Ltd.inLondon since January 2020. Before 2020, he was living in India. He visits India on 10.12.2023 for 200 days. His income details for the previous year 2023-24 are as follows-a. Profits from a business in India controlled from London-Rs. 3,50,000 b. Interest on fixed deposits with State Bank of India-Rs.1,00,000 c. Agricultural income in London-Rs. 5,00,000 d. Salary from employer received in London-Rs. 40,00,000 e. Past foreign Income brought t`o India-Rs. 25,000 f. Royalty income received in London fromABC Ltd. (an Indian company)-Rs. 3,20,000 Find out his residential status and total income for the assessment year 2024-25 Q.3: Ms. Anushka Ranjan is offered an employment by a private software company in Delhi with the following two alternative packages for the assessment year 2024-25: Particulars Offer-1 Offer-2 Basic salary 5,50,000 p.a. 5,50,000 p.a. (Rent paid to parents is Rs. Rent free accommodation Owned by employer Transport allowance 1200 per month Cab facility from office to 14,400 p.a. Medical allowance 2000 per month Reimbursement of medical 24000 p.a. -bills Suggest which option is more beneficial for her in case she opts out of the default tax regime. Q 4: Explain the tax treatment of Gratuity, Pension and Provident fund. Q.5: Explain presumptive basis of taxation of income under Sec. 44AD, 44ADA and 44AE. Q.6: Mr. Harish Rawat owns a house in Lucknow. During the previous year 2023-24, 1/4th portion of the house was self-occupied for full year and 3/4" portion was let out for residential purposes from 1.4.2023 to 30.11.2023 on a rent of Rs. 30,000 per month. From 1.12.2023, this portion was also used for own residence. Municipal valuation of the house is Rs. 3,50,000. Standard rent: Rs. 3,00,000. He incurred the following expenditure in respect of the house property: Municipal taxes due Rs. 30,000; Repairs Rs.10,000; fire insurance premium Rs. 25,000; Land revenue Rs 20,000. A loan of Rs. 20,00,000 was taken on 1.4.2016 @ 9% p.a. for the construction of the house which was completed on 28.3.2022. Nothing was repaid on loan account so far. Compute his income from house property in case he opts for the default tax regime for the Q.7: Explain the following deductions- Q.8: Rakesh transfers the following assets during previous year 2023-24- Jewellery Residential House Land Full value of 8,50,000 55,00,000 20,00,000 Stamp duty value 50,00,000 20,00,000 Cost of acquisition 5,40,000 7,50,000 10,20,000 Date of acquisition 2.12.2022 5.4.2009 10.6.2014 Date of transfer 5.3.2024 5.3.2024 5.3.2024 He purchases a residential house property out of the sale proceeds of residential house property for Rs. 5,50,000 on 10.6.2024. Find out taxable capital gains for the assessment year (GE) At i eee seer (Residential Status of an Individual)