Question

From the information given below compute the taxable income of Mrs. Vimala.
a) Basic Pay Rs. 55,000 per month.
b) Dearness Allowance Rs. 14,000 per month.(Enters into service benefits)
c) Bonus 20% of salary.
d) House Rent Allowance Rs. 10, 000 per month. e) Hostel Allowance and Children Education Allowance for three children @ Rs. 500 PM per child and Rs. 600 PM per Child respectively. f) Rent received from let out house property Rs. 25,000 per month.
g) Municipal Taxes of the let out house property (Due) Rs. 20,000 per annum and paid Rs. 2,000 per annum
h) Interest on loan taken for the construction of the house property paid Rs. 55,000 and due Rs. 20,000.
i) During the relevant previous year Mrs. X has sold a house property for Rs. 25,00,000 which was purchased in the year 2013-14 for Rs. 6,00,000 (CII- 220). Selling expenses incurred Rs. 20,000. The index in the year of sale was 289
j) Bank Interest Received Rs. 30,000 (net).
k) Lottery Amount Received Rs. 50,000 (Gross).
l) Rent from foreign agriculture land Rs. 40,000.
m) Rent from Indian Agriculture land Rs. 32,000. n) Rent from hiring of plant and machinery Rs. 12,000.
o) Dividends received from Indian Company Rs. 13,000.
p) Dividends Received from foreign Company Rs. 11,000.
q) Gift received from a relative Rs. 21,000.
r) Donation given to temple Rs. 10,000.
s) Medical Insurance Premium paid Rs. 25,000. t) LIC premium paid on the life of her husband Rs. 40,000.
u) LIC premium paid on own life Rs. 50.000.​

Answer 1

Answer:

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