C) Mrs. X also has a house in Mumbai. During financial year 2010-11 it was transferred...
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C) Mrs. X also has a house in Mumbai. During financial year 2010-11 it was transferred to Ms. V, daughter of her sister without any consideration. The transfer was made with a condition that 10% of the rental income shall be paid to Mrs. X. Rent received by Ms. V during the previous year 2021-22 is estimated to be Rs.6,00,000/- D) Mrs and Mr X form a partnership firm with equal share in profits. Mr. X has transferred fixed deposit of Rs.50 lakhs to the firm, Firm has no other income and expenditure other than interest of Rs.4,50,000 received from such fixed deposit. The firm distributed the entire surplus to Mr and Mrs X at the end f the year. E) Other income for K includes Interest on savings bank account Rs.1,00,000 and cash gift Rs.75,000 received from daughter of her sister on her birthday. Compute the total income (consider relevant deductions u/chapter VI A)of Mrs X for the assessment year 2022-23. Also compute the total tax liability. (10 marks) C) Mrs. X also has a house in Mumbai. During financial year 2010-11 it was transferred to Ms. V, daughter of her sister without any consideration. The transfer was made with a condition that 10% of the rental income shall be paid to Mrs. X. Rent received by Ms. V during the previous year 2021-22 is estimated to be Rs.6,00,000/- D) Mrs and Mr X form a partnership firm with equal share in profits. Mr. X has transferred fixed deposit of Rs.50 lakhs to the firm, Firm has no other income and expenditure other than interest of Rs.4,50,000 received from such fixed deposit. The firm distributed the entire surplus to Mr and Mrs X at the end f the year. E) Other income for K includes Interest on savings bank account Rs.1,00,000 and cash gift Rs.75,000 received from daughter of her sister on her birthday. Compute the total income (consider relevant deductions u/chapter VI A)of Mrs X for the assessment year 2022-23. Also compute the total tax liability. (10 marks)
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Computing Mrs Xs Income for Assessment Year 202223 Income Sources A House Transfer The transfer with... View the full answer
Related Book For
International Business Law And Its Environment
ISBN: 9781305972599
10th Edition
Authors: Richard Schaffer, Filiberto Agusti, Lucien J. Dhooge
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