Question

Q1. Mr. Vignesh, Finance Manager of KLM Ltd., Mumbai, furnishes the following particulars for the
financial year 2019-20.
(0)
(ii)
(iv)
(v
)
(vi)
Salary Rs. 46,000 per month
Value of medical facility in a hospital maintained by the company Rs. 7,000
Rent free accommodation owned by the company
Housing loan of Rs. 6,00,000 at the interest rate of 6% p.a. (No repayment made during the
year, SBI Rate 10% p.a.)
Gifts in kind made by the company on the occasion of wedding anniversary of Mr. Vignesh
Rs. 4,750.
A wooden table and 4 chairs were provided to Mr. Vignesh at his residence (dining table).
This was purchased on 1.5.16 for Rs. 60,000 and sold to Mr. Vignesh on 1.8.2019 for Rs.
30,000. This was given for use from the date of purchase by employer to Mr. Vignesh.
Personal purchases through credit card provided by the company amounting to Rs. 10,000
was paid by the company. No part of the amount was recovered from Mr. Vignesh.
An ambassador car which was purchased by the company on 16.7.16 for Rs. 2,50,000 was
sold to the assessee on 14.7.19 for Rs. 80,000.
Compute Income from Salary of Mr. Vignesh for the Assessment year 2020-21.
(vii)
(viii)​

Answer 1

Explanation:

Mr. Vignesh, Finance Manager of KLM Ltd., Mumbai, furnishes the following particulars for the financial year 2018-19: i) Salary 46,000 per month ii) Value of medical facility in a hospital ...