5568303697

3

Con. 6980-MN-9761-13.

(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.

OR

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.

15

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