3
(8) Smith had during the ycar rcccivcd a gift of ? 85,000 from his fricnd.
(9) Sharc of profit from a partnership conccm P 50,000.
(10) Salary from a partnership cooccrn P 40.000.
Lam ycar hc had borrowed P 20,000 for invcsting in fixed dcposits ofbank on which the intercst is payablc % 10% p a. He had also spcnt P 500 for realizing rent
You are furthcr intormcd that hc had spent P 10,000 for thc purpose of eaming lottery prize.
2. MissNaliniisthcowncrof3houscprop«lies. Mouse no. 1 and 2 sclf occupicd whercas property 15 no. 3 is let-out for business purpose. Miss Nalini furaished you the following Information pmsining to thc aasessment ycar 2013-14:
|
Particulars |
Property No.l |
Property No.2 |
Property NoJ |
|
P |
P |
P | |
|
Municipal Yaltalkm |
34,000 |
34,000 |
$0,000 |
|
Fair Renta 1 Value |
40.000 |
40,000 |
60,000 |
|
Rent Received |
_ |
— |
72,003 |
|
Muaiciptl laxes pa:d by her Dale of loin taken for ccnsiruction of |
4.300 |
5,000 |
8.400 |
|
house property |
1/4/2004 |
1/4/2008 |
1/4,-2009 |
|
Amount of the above loan |
1.00,000 |
2.00.000 |
3.00,000 |
|
Datę of completion of ooostruction |
1/4/2007 |
1/4/2010 |
1/4/2010 |
|
Ratę of interest |
*%p.a. |
10% p a. |
12 % p a. |
You are rcquired to computc thc income from housc propert)' for thc assessment ycar 2013 -14.
3.
Mr. Tnnay is employed with KK College ofCommcrcc. He fumishes the following Information for thc previous ycar ended 31 sl March, 2013.__
|
Salary (Net after dcduction of Income T« and Providcnt Ford) |
P 86.000 per month |
|
Dcamcss allowance |
P 5,000 per month |
|
Income tax deducted from thc salary during the ycar |
P 2,000 per month |
|
Providcr.t Fund deducted from salary during the ycar |
? 1,000 per month |
|
Arrears of salary (not tax«d prev»outly) |
? 45,000 |
|
House rent allowancc (taxable) |
P 13,000 per month |
|
Convcyance allowances rcccived |
P 1.000 per month |
|
Conseyancc allowances exempt |
P 600 per month |
|
Entcrtaicment allowances |
P 2,000 per month |
|
Pcrquisite valuc of cai |
P 37.500 |
|
Educatioo allowances |
P 2.300 per month |
|
Education allowances cxcmpt |
P 1.200 per month |
|
Bonus |
P 8,000 |
|
Compenution for modiricntx>n of ternu and londitkns of thc contract of scrvice |
P 35,000 |
|
Leavc salary rcccived |
P 8.500 |
Commission of 1% on the turnover of thc company of P IS.00.C00. Computc histaxablc salary for the Assessment Ycar20l 3*14.
OR
JTURN OVKR