B.Com. (Financial Management) SEM III 2023 2024 2024 DIRECT TAX I Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Income from house property in India 15000
2. Q2 Income from property in Rome 10000
3. Q3 Interest from bank account in India 1200
4. Q4 Income from business in Bangladesh, being controlled from India 16000
5. Q5 Interest on bank account in U.S.A. * 11000
6. Q6 Salary earned and received in Tokyo 12000
7. Q7 Income earned and received in London 13000
8. Q8 Dividend from British Company received in India 17000 Compute his Total Income for the assessment year 2023-24 if he is:
   • (i) A Resident (ii) A Resident but not ordinary Resident (ii) A' Non-Resident
   • Q.no.4.C) Mr. Gavaskar purchased a residential house on 01-06-1999 for 2,00,000. He incurred expenses of 1,50,000 towards cost of improvement on 02-07-2003. The fair market value of the house on 01-04-2001 was 5,50,000. He sold the house on 10-10-2022 for 30 lakhs. The cost inflation index for F. Y. 2001-02 is 100, for F.Y. 2003-04 is 109 and for F. Y 2022-23 is 331 You are compute his Capital Gain for Assessment year 2023-24
   • Q.no.5.A)
9. Q1 Give list of allowance under the head Income from Salaries. 8 marks
10. Q2 What kind of income are generally included in income 7 marks
    • Q.no.5.B) Write short (Any 3) 15
11. Q2 Perquisites
12. Q3 Residential Status
13. Q4 Gratuity
14. Q5 Income from let out property

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