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B. GOVINDA retired from service on 31st March and received a commuted pension of Rs. 1,60,000.
Find out taxable commuted pension:
a) if he is in receipt of gratuity
b) if he not in receipt of gratuity. (10 Marks)
3. What are perquisites? List out tax free perquisites (10 Marks)
4. Mr. BALU owns four houses. The particulars regarding the houses are as follows:
House House House House
No.1 No. 2 No. 3 No. 4
Rs. Rs. Rs. Rs.
Municipal valuation 15,000 18,000 20,000 –
Fair rent 16,000 15,000 25,000 25,000
Standard rent 10,000 16,000 – 30,000
Actual rent received 9,000 20,000 18,000 20,000
Determine the gross annual value of each of the four houses for the AY 2009-2010. (20 Marks)
1. Give any twenty important examples of admissible general deductions under Sec37 of Income tax
Act.
3. Mr. AMAR purchased a house on 1.4.2000 for Rs.250000. On 1.7.2002 he incurred Rs.50000
towards improvements. He sold the above house on 30.7.2006. Compute the indexed cost of
acquisition and indexed cost of improvement.
[CII; 2000-2001 – 406, 2002-2003- 447, 2007- 2008 –551]
5. From the following particulars of SHRI MAHESH compute his income from other sources:
Ground rent of Rs.5000
Following interest received
a. On fixed deposits from bank Rs.400
b. From POSB A/c Rs.300
c. Interest on deposit with a firm Rs.600
Income from subletting of house taken on rent Rs.5000. Rent paid Rs.3000
Gift from brother in law 30000. Gift from other persons 40000
Spent Rs.400 for collecting the rent of the house
6. What is Minimum Alternative Tax (MAT)? How to compute tax as provisions of MAT?