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IT Assignment

The document outlines various financial scenarios involving capital gains, income from other sources, and gross total income calculations for different individuals. It includes specific monetary figures and details for each case, such as property sales, salaries, and investment income. The document serves as a guide for computing tax liabilities and understanding income sources for the previous financial year.

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90 views

IT Assignment

The document outlines various financial scenarios involving capital gains, income from other sources, and gross total income calculations for different individuals. It includes specific monetary figures and details for each case, such as property sales, salaries, and investment income. The document serves as a guide for computing tax liabilities and understanding income sources for the previous financial year.

Uploaded by

based41034
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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1. Mr. X had bought a residential house on 01.01.2023 for Rs. 20,00,000.

Further he
spent Rs. 2,00,000 to repair the house on 10.10.2023. He sold the property on
01.02.2024 for Rs.30,00,000. He paid a brokerage of Rs. 30,000. Compute the capital
gain for the previous year 2023-24.
2. From the following details find out income from other sources:
Rs.
Director’s fees 5,000
Dividend from Indian company 4,000
Income from Horse race 7,000
Royalty from books 9,000
Dividend from Co-operative societies 3,000
3. From the following details of Mr. Sivan, compute his gross total income chargeable to
tax for the previous year.
Rs.
Income from salary 4,80,000
Income from Business profession 2,00,000
Income from House property - A 4,00,000
Loss from House property - B 1,00,000
4. Calculate the tax liability of Mr. Naren for the assessment year for the particulars
given below:
Rs.
Income from salary (Computed) 4,00,000
Income from house property 70,000
Income from other sources 1,00,000
Donation to National Defence Fund 10,000

5. Ms. Devaki furnished for the following particulars, Compute her capital gain for the
previous year. CII for 2001 – 02 is 100; 2006 – 07 is 122, 2010 –11 is 167 and 2023 –
24 is 348
Particulars Jewellery Debentures
Year of purchase 2006 – 07 2019 – 20
Year of sale 2023 – 24 2023 – 24
Cost of acquisition Rs.4,00,000 Rs.5,60,000
Cost of improvement in 2010 – 11 Rs.1,00,000 –
Selling expenses – Rs.40,000
Consideration received for sale Rs. 14,00,000 Rs.8,00,000

6. Mr. Vijai has furnished the following particulars for the previous year 2023-24.
Compute his gross total income.
Particulars Rs.
Income from salary (Gross) 2,40,000
Rent from house property 10,000 per month
Income from medical business 60,000
Loss from provision stores 90,000
Income from speculation business 6,000
Long term capital gain 24,000
Short term capital gain 4,000
Income from interest on securities 18,000
Brought forward losses from the previous year 2023 – 24
Loss from medical business 4,400
Loss from speculation business 7,000
Loss from house property 12,000
Long term capital loss 10,000
Short term capital loss 5,600.
7. From the following particulars calculate income from other sources:
a) Rs. 25,000 interest from Post office savings bank account
b) Rs. 25,000 from 10% debenture of listed tea company
c) Rs. 4,000 interest received from National Development Bonds
d) Rs. 2,500 received as interest from the debentures of a Co-operative society
e) 10% tax free debentures of Chennai Municipal Corporation Rs. 25,000

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