S. S.

DEMPO COLLEGE OF COMMERCE AND ECONOMICS

B.B.A. DEPARTMENT - TERM END EXAMINATION – JANUARY 2023
TAXATION – 25 MARKS
Duration: 1.5 hour
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1] Following is the income of Mr. Vijay for the previous year 2021-22.

i. Salary earned in India but received in London Rs. 50000

ii. Income from business in Dubai controlled from Mumbai Rs.200000
iii. Rent from property in Bangladesh but received in Delhi Rs.100000
iv. Income from business in USA controlled from USA Rs 50500
Find out his gross total income if he is :
1) Resident and ordinarily resident
2) Non resident of India.

2] Mrs. Seema, Central Govt. employee provides you the following information for the year
Ending 31st March 2022
Basic Salary Rs. 50,000 P.M
Dearness Allowance 45% up to August 2021 and thereafter 50%
Conveyance Allowance Rs. 20,000 (spent Rs. 15,000)
Arrears of salary received Rs. 1,50,000
In March 2022 she took Rs. 13,000 advance against salary
She received Entertainment Allowance Rs. 4,500 (spent Rs. 6,000)
Compute her income from ‘Salaries’ for the Assessment Year 2022-23

3] Mr. Mohan received the following gifts during the previous year 2021-22.
A] Received Rs. 40000 as gift from his friend on occasion of his marriage anniversary.
B] Received gold chain worth Rs. 50000 from his mother.
C] Received Rs 20000 from his sister’s friend.
D] Received Rs 60000 as gift on occasion of his birthday from his father in law.
Determine the taxability of the above gifts for AY 2022-23.

4] Mr. Tarun purchases a house for Rs 50000 in the year 1987-88. He constructs an additional
room in the year 2007-08 for Rs 90000. He constructs the first floor of the house in the year
2011-12 for Rs 500000. Mr Tarun sells the house property for Rs 35,00,000 on 30th March
2022, brokerage paid Rs 20000. The fair market value of the property as on 1st April is Rs
450000. Compute the capital gains for AY 2022-23.

5] Mr. David is a resident in India. His taxable income from all sources is Rs. 12,00,000.
Compute the tax payable if he is aged: a] 25 years b] 82 years as per the old Tax regime for
AY 2022-23.