University of Mumbai 2006 B.A Economics Direct and Indirect Taxation omber - Question Paper

Particulars House Property
I House Property
II
Nature of occupancy Let out Self-Occupied
Municipal evaluation Rs. 2,00,000 Rs. 3,00,000
Fair rent Rs. 1,90,000 Rs. 2,70,000
Rent received Rs. 3,50,000 Rs. NIL
Municipal taxes paid on 1/3/2005 Rs. 20,000 Rs. 30,000
Fire Insurance Premium paid Rs. 3,000 Rs. 5,000
Collection charges Rs. 1,000 Rs. NIL
Land revenue payable Rs. 1,500 Rs. 2,400
Interest paid on loan taken for construction of house property Rs. 1,60,000 Rs. 40,000
Repayment of principal amount of Loan Rs. 50,000 Rs. 10,000
Date on which loan was taken 20/12/1999 25/1/1998

Mr. Wadekar also received the subsequent Income during the previous year 2004-2005.
(a) Royalty on book written by him Rs. 25,000.
(b) Dividend received from co-operative society Rs. 5,000.
(c) Interest received on debentures from Indian Company Rs. 5,000
He contributed Rs. 11,000/- to L.I.C. Pension Fund Policy.
calculate the Net Taxable Income of Mr. Wadekar for the previous year 2004-05 relevant to assessment year 2005-06.
Q.4 (a) Miss Sanjali, an Indian citizen, furnishes the subsequent info of her income earned during the previous year 2004-05. eight
(i) Professional fees received in India Rs. 10,000.
(ii) Income earned in India but received in France Rs. 15,000.
(iii) Dividend on shares of Indian co-operative bank received in India Rs. 7,000.
(iv) Salary earned and received in France Rs. 5,000.
You are needed to obtain out her 'Gross Total Income' for assessment year 2005-06 if she is alternatively.
(i) Resident and Ordinarily Resident.
(ii) Resident But Not Ordinarily Resident and
(iii) Non Resident.
(b) Mr. Parag purchased a residential flat on 02/05/2002 for Rs. 10,00,000. He paid on the identical day the stamp duty and registration charges of Rs. 48,750 on purchase of flat. He sold the stated flat on 17/03/2005 for Rs. 12,00,000. The cost Inflation Index for F.Y. 2002-03 is 447 and for F.Y. 2004-05 is 480. calculate his Capital.(8)

Gain Chargeable to tax for assessment year 2005-2006.

Q.5 ans any 8 ques. with reference to Assessment Year 2005-06: 16

What is the percentage of rebate available U/s 88 if the Gross total Income of an assessee exceeds Rs. five lakhs?

Earning:   Approval pending.