Acharya Nagarjuna University (ANU) 2007 B.B.M Direct

* He spent the subsequent amounts during the year:
* (i) Municipal taxes paid Rs. 6,000.
* (ii) Insurance of Property Rs. 2,000.
* (iii) Interest on Housing Loan from ICICI Bank Rs. 40,000 (Loan taken in August 2004).
* (iv) He paid Rs. 4,000 by cheque to GIC for Medical Insurance for his health.
* calculate the total income of Mr. Chintan Chitale for the Assessment Year 2006-07.
* Q. three Ms. Netra who is totally blind, has let out her house property situated at Navi Mumbai for Residential purpose. The details of the stated property for the year ended 31st March 2006 are as follows: 14
*
* (a) Rent Received Rs. 1,20,000.
* (b) Municipal evaluation Rs. 1,00,000.
* (c) Fair Rent Rs. 1,50,000.
* (d) Municipal Taxes paid by Tenant Rs. 10,000.
* (e) Interest on Loan taken from ICICI Bank for construction of house property Rs. 35,000. Loan was taken in April 1997.

subsequent are the details of other income earned by her during the year.
* (i) Interest accrued on NSC, Rs. 20,000.
* (ii) Interest accrued on Public Provident Fund account Rs. 5,000.
* (iii) Dividend from M/s. Raymond Ltd. Rs. 10,000.
* (iv) Interest Accrued on private loans to friend and relatives Rs. 60,000.

calculate the Net Taxable Income of Ms. Netra for Financial Year 2005-06, relevant to Assessment Year 2006-07.
* Q.4 (a) Mr. Abhijeet, an Indian Citizen, furnishes the subsequent particulars of income earned during the previous year relevant to assessment year 2006-07. 6
*
(a) Professional Fees received in India Rs. 22,000
(b) Income earned in India but received in Paris Rs. 24,000
(c) Dividend on shares of Indian Companies Rs. 10,000
(d) Salary earned and received in France Rs. 28,000
(e) Income from Agriculture in Nepal Rs. 30,000
(f) Income from Business in UK controlled from India Rs. 32,000
* calculate his Income for Assessment Year 2006-07 assuming the residential status as:
* (a) Resident and Ordinarily Resident in India.
* (b) Non Resident in India.

(b) Mr. Kanade purchased a House property for Rs. 1,25,000 on 16th August, 1971. He made the subsequent addition to the House Property. Cost of Construction of first Floor in Financial Year 1985-86 Rs. 2,25,000.(6)

Earning:   Approval pending.