Mr B aged 63 years, has earned rupees 85,00,000 out of his business . His ex- wife gifted him a car worth rupees 6 lakh. He spent a total of rupees 15 lakh during a family trip. He won a lottery of 19 lakh rupees. Out of happiness he gifted his wife a diamond set of rupees 450000. He bought a life insurance policy and paid a premium of 50000 annually. He paid tuition fee for his daughter for rupees 50000. He invested rupees 80000 in PPF. One of his existing life insurance policy got matured and he received a total of rupees 32 lakh. Seeing his health conditions the doctor adviced him a medical test of rupees 6000 following he bought a health insurance for rupees 27000. Calculate his taxable income and tax liability.
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Answer:
Income from business. 85,00,000
Income from other sources
- Gift from ex wife. 6,00,000
- Lottery. 19,00,000
- Life insurance maturity 32,00,000
Gross income. . 14,20,000
Deduction u/sec 80C
- Premium of insurance. (50,000)
- Tution fees. (50,000)
- PPF. (80,000)
- Maximum limit .....................................(1,50,000)
Deduction u/sec 80D
- Medical test. (6000)
- health insurance. (27000) (33000)
Net incom. .... ........ . ....... ..12,47,000
Tax liability
3lacs - 5 lacs -5%. 25,000
5-10 lacs. 20%. 1,00,000
10-12.47 lacs. 30%. 74100
4% cess. 7964
Tax liability. 207064
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