Question

1. The particulars of a residential house are given below for the assessment Year 2019-20

Municipal Value 44,000
Fair rent 48,000
Standard rent 36,000
Actual rent 37,200
Municipal taxes paid 8,800
Ground rent payable 60
Interest on money borrowed for construction
5,000
Collection charges actually paid
300

The assessee mortgaged the property for Rs. 36,000; which was spent on
his daughter's marriage. The assessee paid interest of Rs. 3,000 on the mortgage loan this year. Compute his income from house-property.

2. Calculate income from other sources from the informations given below :
(i) Winnings from lottery Rs. 1,00,000
(ii) Received from horse race-
Winnings Rs. 35,000
(iii) Received Rs. 20,000 as gift from his friend.
(iv) Received Rs. 1,00,000 as gift from his elder brother.
(v) Received Rs. 1,40,000 as gift on his marriage.
(vi) Received Rs. 80,000 as gift from his NRI friend.
(vii) Another gift of Rs. 18,000 was received from his friend.

3. From the following particulars of Mr. P. K. Sharma, calculate total income and net tax liability for the A. Y. 2019-2020 :

(i) Rent from let out properties
20,000
(ii) Long term capital gains (completed)
30,000
(iii) Profit from own business
6,31,000
(iv) Income from lottery (gross)
1,00,000
(v) Net agricultural income
10,000


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Answer 1

Answer:

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