Name J UPES Enrolment No: [UNIVERSITY WITH A PURPOSE UNIVERSITY OF PETROLEUM AND ENERGY STUDIES Assignment 3 Course: Corporate Tax Planning Semester: VIII Program: BCOM LLB TL Max. Marks: 15, Course Code: LLBL485 Question 1: Write a short note on H.R.A. [5 Marks] Question 2: Shri Anil sold a house for Rs. 20 lakh on 1" November 2018. The house was constructed by him in 2000 at a cost of Rs. 1.2 lakh and used for own residence. Besides, he has two more houses. On 1" Feb 2019 he invested Rs. 10 lakh to specified bonds of NHAI. After construction he spent Rs. 24,400 in 2006-07 on the improvement of the house. Compute his taxable gains. He paid 3% brokerage for selling the house and other expenses were Rs. 10,000. On 1" April 2001 the FMV of the house was Rs. 1.4 lakh. [10 Marks] Scanned with CamScannerame UJ UPES Enrolment No: UNIVERSITY WITH A PURPOSE UNIVERSITY OF PETROLEUM AND ENERGY STUDIES Assignment 1 Course: Corporate Tax Planning Semester: Vill Program: BCOM LLB TL Max. Marks: 15 Course Code: LLBL485 Question 1: Define the Assessment Year. [5 Marks] Question 2: Mr. X is employed in a factory on a monthly salary of Rs.20,000. In addition to the salary, he received a bonus of two months salary during the previous year. The factory has provided the assessee with a rent-free unfurnished house. The rent paid by the employer Rs.1,400 p.m. One son of the assessee is studying in the U.S.A. and his expenses are borne by the employer, which for the accounting year amount to Rs.14,000. He is provided with a small car by the employer which he uses partly for private purpose and partly for official purpose. All the expenses in respect of the car are paid by the factory. He is getting E.A. @ Rs.800 p.m. Find out his taxable income from salary for the AY. 2019-2020. [10 Marks] Scanned with CamScanner5 UPES UNIVERSITY WinH A PURPOSE Name: Enrolment No: UNIVERSITY OF PETROLEUM AND ENERGY STUDIES Assignment 2 Course: Corporate Tax Planning Semester: Vill Program: BCOM LLB TL Max. Marks: 15 Course Code: LLBL485 Question 1: How the value of R.F.A. is calculated under the head salary? [5 Marks] Question 2: The particulars of a residential house are given below for the A.Y. 2019-2020: Municipal Value 44,000 Fair Rent 48,000 Standard Rant 36,000 Actual Rent 37,200 Municipal Taxes Paid 8,800 Ground Rent Payable 60 Interest on Money borrowed for construction 5,000 Collection charges actually paid 300 The assessee mortgaged the property for Rs.36,000 which was spent on his daughter's marriage. The assessee paid interest Rs. 3,000 on the mortgaged loan this year. Compute his income from house property. [10 Marks] Scanned with CamScannerName: GU UPES Enrolment No: UNIVERSITY WITH A PURPOSE UNIVERSITY OF PETROLEUM AND ENERGY STUDIES Assignment 4 Course: Corporate Tax Planning Semester: VIll Program: BCOM LLB TL Max. Marks: 15, Course Code: LLBL485, Question 1: What is Sub-letting? [5 Marks] Question 2: Mr. Vijayan had the following incomes during the P.Y. 2018-19: Interest on Bank deposits 4000 Income from units of UTI 5,000 Interest on Govt. Securities 8,000 Winnings from Lottery 10,000 Winning from horse race 5,000 He claimed the following deductions- a) Collection charges of interest on govt. securities by bank 100 b) Expenses for buying lottery tickets 7,000 Compute income from other sources of Mr. Vijayan for the A.Y. 2019-2020. Scanned with CamScanner