SRI BHARATHI WOMEN’S ARTS AND SCIENCE COLLEGE

KUNNATHUR – ARNI
MODEL EXAMINATION
Class : III B.Com Marks : 75
Subject : Income Tax Law and Practice 2 Date :
Sub. Code : BCM63 Time : 3 Hrs
SECTION – A
Answer all questions 10 × 2 = 20

1.What is long term capital gain?

2.Write a short note on casual income.
3.What do you mean by a TDS?
4.Define carry forward losses?
5.What is clubbing income?
6.What is deemed income?
7. Define assessment.
8.What is tax liability?
9.Write a short note on 80C.
10.Expand PAN.

SECTION – B

Answer any Five questions 5 × 5 = 25

11. (a) What do you mean by exempted capital gain? (Or)

(b) Mr. Ram had bought a resident house on 01.01.2009 for Rs. 40,000, she spent
Rs.75,000 for is registration on 08.11.2009. He sold the someone 15.12.2018
for Rs.1,50,000 for which he had paid a brokerage for Rs.20000 compute capital gain.
12. (a) From the following details calculate capital gain. (Or)
i) Sales consideration of urban agri-land Rs.400000 on 26.12.18[CII:280]
ii) Cost of acquisition of the land 01.08.2001 is Rs.50,000
iii) New agri land acquisition 2 nd feb-2018 is Rs.6,00,000
(b)Explain the following terms:
i)Short term capital assets
ii)Long term capital assets
13. (a)Explain the various items of income from other sources. (Or)
(b) From the following particulars given by Mr. X member of parliament calculate his
income from the other sources.
i)Salary as MP Rs. 16,000 p. m
ii)Winning from cross word puzzles Rs.20,000(gross)
iii)Winning from lottery net Rs.1,40,000
iv)Royalty on book 15,000
v)Interest on post office 10,000
14. (a)Explain the terms “clubbing of incomes” (Or)
(b)From the following information of a trader, compute the gross total income.
i)Income from house property computed 1,50,000
ii)Business loss – 60,000
iii)Current year depreciation 1,00,000
iv)Business loss preceding year 50,000
v)Unabsorbed depreciation at preceding year 30,000
vi)Short term capital loss 40,000
vii)Long -term capital gain 50,000
15. (a)Bring out the slab rates of taxability of individual below 60 years. (Or)
(b)Mr. Ram ages 50-years submit the following information.
Taxable salary 12,00,000
Interest on Bank deposits 20,000
Long term capital gain 40,800
Taxable house property income 1,80,000
Deposit in PPF 60,000
Compute the tax liability of Mrs. Ram

SECTION – C

Answer any Three questions 3 × 10 =30

16. One building (which was purchased in 2009) of X Ltd, and Industrial undertaking is
compulsory acquired by the govt of U.P Its WDV on 01.04.2018 was Rs.4,50,000. the U.P
govt. paid Rs 8,00,000 on 25 th may 2018 as compensation? The company purchased
another building for Rs.3,00,000 on 20 th march 2018 determines the amount exempted under
see? Compute the capital gain for A.Y
17. Discuss about the aggregation of income.
18. Mr.R and resident in India earned the following income during the P.Y 2018 19
Director fees 20,000
Income from agri land in Africa 50,000
Ground rent for land in patna 10,000
Interest on deposits with IFCI 5,000
Dividend from Indian company 1,000
Rent from subletting a house 20,000
Winning from lottery(net) 70,000
Interest on govt. securities 4,000
Calculate income from other sources.
19. From the following income of Mr . P how the losses shall be set-off and carry forward for
the year ending 31.3.2018
a)Salary income 24,0000
b)Income from H.P
House A 10,000
House B 20,000(loss)
 House C(self) 18,000(loss)
c)Income from business:
Cloth business(Profit) 10,000
Textile business (Loss) 8,000
Speculation (profit) 8,000
Speculation(Loss) 10,000
d)Capital Gain:
a. Short term (gain) 8,000
b.Short term (loss) 16,000
c.Long term (loss) 2,000
e)Other sources 29,000
20. Explain the U/s 80 C to 80 U