University of Mumbai 2007 B.A Economics Direct and Indirect Taxation2006 - Question Paper

(x) He took a Medical Insurance Policy from GIC on 31st March, 2005 by paying a premium of Rs. 10,000/- in cash.
(xi) He made the subsequent donations during the year :
(a) Rs. 15,000 to National Cultural Fund
(b) Rs. 15,000 to Air force Central Welfare Fund
(c) Rs. 5,000 worth of books provided free to poor students.
Mr. Chandrakant Limaye is a handicapped person to the extent of 60%. calculate his net taxable income for the Assessment Year 2005-06.

Q. three . Mr. Sandeep Patil owns 2 houses in Mumbai, both of which are used by him for his own residence.The particulars of these houses are as follows for the previous year ended 31/3/2005: 14
Particulars House Property I House Property II
Gross Municipal evaluation Rs.2,25,000 Rs.3,50,000
Fair Rent Rs.2,50,000 Rs.4,00,000
Municipal taxes — due Rs.25,000 Rs.35,000
— paid Rs.2,000 Rs.1,000
Repairs Rs.2,000 Rs.3,000
Insurance Premium — due Rs.500 Rs.600
Ground rent due Rs.150 Rs.200
Interest on funds borrowed for —
Construction of house property Rs.40,000 Rs. 40,000
Year in which loan was taken 1997 1998


He also received the subsequent income during the previous year 2004-05:
(a) Accrued Interest on N.S.C. (VII issue) Rs. 6,000
(b) Winning from lottery Rs. 10,000
(c) Interest on deposits with Bank of India Rs. 4,000
(d) Interest on P.P.F. Rs. 5,000.

He also paid Medical Insurance Premium for self, by cheque of Rs. 3,000/-.
calculate the Net Taxable Income of Mr. Sandeep Patil for the previous year 2004-05, relevant to Assessment Year 2005-06.

Q.4 a) Mr. Sanjay, an Indian Citizen went to U.S.A. for the 1st time for the purpose of employment on eight tenth May, 2004. He came back to India on 19th November, 2004. obtain out his residential status for Assessment Year 2005-06. eight
b) Mr. Kamlesh purchased a house property for Rs. 1, 00,000 on 27th August, 1978. He made the subsequent additions/alterations to the house property.
Cost of construction of first floor in Financial Year 1983-84 Rs. 3, 00,000. Cost of construction of second floor in Financial Year 1990-91 Rs. 4, 00,000.Fair Market Value of the property on 01/4/1981 was Rs. 5, 00,000. He sold the property on 20th October, 2004 for Rs. 55, 00,000.He paid the brokerage of Rs. 55,000 for the sale transaction.The Cost Inflation Index for Financial Year 1981-82 is 1017, for Financial Year 1983-84 is 116, for Financial Year 1990-91 is 182 and for Financial Year 2004-05 is 480.Compute the Capital gain of Mr. Kamlesh chargeable to tax for Assessment Year 2005-06.

Earning:   Approval pending.