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

* The Fair Market value of the property on 1-4-81 was Rs. 3,50,000. He sold the property on 15th September, 2005 for Rs. 35 lakhs. He paid the Brokerage of Rs. 25,000 for the sale transactions. The cost inflation index for Financial Year 1981-82 is 100, for Financial Year 1985-86 is 133 and for Financial Year 2005-06 is 497.
* calculate the Capital Gain of Mr. Kanade chargeable to tax for Assessment Year 2006-07.
* Q.5 (a) describe and discuss the subsequent as per Income Tax Act, 1961 (any two): six
* (i) Assessee.
* (ii) Person.
* (iii) Previous Year.

(b) Enumerate and discuss any 4 deductions allowable from the Income under the Head Profits and Gains of Business under the Income Tax Act, 1961. (8)
* Q. six ans any 7 of the subsequent ques. briefly with reference to Assessment Year 2006-07: 14
*
* (a) Mr. Ajinkya donated articles worth Rs. 20,000 to flood affected areas. Can he claim this as a deduction u/s 80G?
* (b) Vinayak received Rs. 15,000 as a birthday gift from his dad. Vinayak claims Rs. 15,000 is not taxable in his hands. Is he right?
* (c) Manoj working as a manager of an agricultural estate received Rs. 1,20,000 as salary and claims it as his agricultural income. Is he right?
* (d) Mr. Purohit, lecturer in Adarsh College Mumbai, received Rs. 8,000 as examinership fees from University of Mumbai. He claims it as income from other sources. Is he right?
* (e) Ajay has 2 house properties. Both are self occupied. He claims that annual value of both houses shall be NIL. Is he right?
* (f) Varun paid interest on loan of Rs. 1,30,000 before commencement of production in his business. He claims this as a revenue expenditure. Is he right?
* (g) Mrs. Savitribai received a family pension of Rs. 60,000 during 2005-06. She claims a standard deduction to the extent of one /3rd of such pension. Is she right?
* (h) Shri Kamble pays Rs. 1,25,000 as premium on his Life Insurance Policy. What is the maximum amount of deduction available u/s 80C?
* (i) M/s. Sanglikar Pvt. Ltd. paid to M/s. Kokane & Co. Chartered Accountants sum of Rs. 30,000 as retainership fees during the previous year ending 31st March 2006 without deducting any tax at source. Are they right?

Earning:   Approval pending.