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Fundamentals of Taxation MBA Assignment Question for Solution
1. During the previous year 2021-22, X, a foreign citizen, stayed in India for just 69 days. Determine his residential status for the assessment year 2022-23 on the basis of the following information:
(i) During 2018-19, X was present in India for 366 days.
(ii) During 2015-16 and 2014-15, X was in Japan for 359 and 348 days respectively and for the balance period in India.
(iii) Mrs. X is ‘resident’ in India for the assessment year 2022-23.
2. Anirudh receives:
Basic salary Rs. 3,00,000 per annum,
Dearness allowance forming part of salary while computing Retirement benefits Rs. 2,00,000.
House rent allowance (HRA) was Rs. 1,00,000 per annum.
Annual rent paid at Mumbai Rs. 1,20,000.
Taxable HRA will be Rs?
3. a. A Hindu undivided family purchased a house on 1.7.2006 (C.I.I.: 122) for Rs. 16,00,000. It sold the house on 10.11.2018 for Rs.40 lakhs. On 14.12.2018, it purchased another house at Gurgoan at a total cost of Rs.5.6 lakhs. It did not own any other house property. Compute the income chargeable under the head Capital Gains.
3. b. R sold listed shares of a company through a recognised stock exchange on 5.8.2017 for Rs.10,00,000 (cost of acquisition on 15.7.2003 (C.I.I.: 109) Rs.3,00,000, FMV of the shares as on 31.1.2018 was Rs.6,50,000. He makes the following investments. Purchase of RECL Bonds notified u/s 54EC Rs.3,00,000 on 5.9.2018, Rs.4,00,000 on purchase of a residential house at Delhi on 7.2.2019. He does not own any residential House. Determine his Taxable Capital Gain for the assessment year 2019-20.