No. |
Question |
Chapter |
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1 |
Pramod redeemed entire units of debt oriented mutual fund on 31 December 2011 at Rs 22.16. He originally purchased 3500 units at Rs 18.27 during 2007-08 .He received dividends of 18% 20% 18% 17% in this period. He reinvested the same by Rs 19.15, Rs 20.06, Rs 21.11, Rs 21.81 at last business day of November 08 to 11.Compute his taxable income for this transaction. CII 07-08 551, 08-09 582, 09-10 632, 10-11 711, 11-12 785.
Hence, LTCL=16,212 and STCG = 125 |
Capital Gains | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 |
Xavier aged 37 was awarded a car of market value 4.5 lakh by his credit card company in a draw on 27 sep 2011. The company did not deduct any TDS. Xavier has a total income of Rs 7.85lakhs in PY 11-12. He saved Rs 1.5 lakh under different investment instruments eligible for exemption in 80 (c) and Rs 18k was paid by him on 5 January 12 towards health insurance policy. Find his tax liability for 12-13
Solution:
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IFOS |
3 |
Father purchases residential house for Rs 7 lakh on 28 sep 86. He dies on 21 mar 09 and his son inherited the property. On this date the fair mkt value of property is Rs 36 lakh. His son sold the property on 25 June 11 and received a net consideration of Rs 25 lakh. Determine nature and amount of capital gains earned by son? CII 81-87 140 , 08-09 582 , 11-12 785Solution:
|
CG |
4 |
Mr. Paresh earned income from other sources Rs 30 and LTCG of Rs 70k by selling house. For 11-12 he invested Rs 80k in ELSS of MF. Compute his net total income.
Reason: Deduction U/S 80 C to 80 U cannot be availed in case of LTCG and STCG |
CG |
5 |
Mr. Malav purchases house property in 81-82 for Rs 3 lakh and sold for 34 lakh on 14 may 11. He purchased new house on 28 June 11 for Rs 10 lakh. Calculate LTCG? CII 81-82 100 and 11-12 785 Solution:
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CG |
6 |
Mamta age 63 is having income from other sources 4,50,000 and Agriculture income of 50,000. Calculate tax on income (ignore cess). Solution: Total income i.e. 4,50,000+50,000=5,00,000 Tax = 25,000 – 5000 = 20,000 |
AI |
7 |
Which of the value of asset attract Wealth tax?
Reason: Wealth tax applies when the net assets exceed 30L |
WT |
8 |
Mr A owns a let out property in Delhi whose net annual value is Rs 100000. The interest paid on loan of the property is Rs 30000. Calculate income from house property?
Solution: The answer of the question looks like 1,00,000-30,000=70,000. But thats not right. The correct solution is,
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HP |
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