8/1/24, 3:30 PM
CHRIST COLLEGE
(AUTONOMOUS)
IRINJALAKUDA
Kerala-680125
BCOM PRO - BCOM PRO - B.Com
Professional (Self Financing)
B.COM PROFESSIONAL
FIRST INTERNAL
CC17UBCP3B10-Income Tax Law and Practice
Sem : S3
Duration : 1 Hrs 30 Mins Max Mark : 40.00
QUESTIONS
Section A
Answer all questions.
1.Sale of depreciable asset will have ------------ [ Mark : 1 ]
(CO : CO4 )
( Blooms Level : 2 )
2.The annual value of the self -occupied house will be ----------- [ Mark : 1 ]
(CO : CO2 )
( Blooms Level : 2 )
3.The basis of income from house property is................ [ Mark : 1 ]
(CO : CO2 )
( Blooms Level : 2 )
Section B
Answer any 3 questions. Each question carries 2 marks.
4.Define Assessment Year [ Mark : 2 ]
(CO : CO1 )
( Blooms Level : 1 )
5.Describe the deductions allowed from annual value of a house property [ Mark : 2 ]
while computing the income from house property? (CO : CO2 )
( Blooms Level : 2 )
6.What is capital assets [ Mark : 2 ]
(CO : CO4 )
( Blooms Level : 2 )
7.Differentiate between gross total income and total income. [ Mark : 2 ]
(CO : CO1 )
( Blooms Level : 3 )
Section C
Answer any 4 questions. Each question carries 4 marks.
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8.Mr. David a citizen of the U.K. came to India for the first time on 1-5- [ Mark : 4 ]
2017. He stayed here without any break for 3 years and left for (CO : CO1 )
Bangladesh on 1-5-2020. He returned to India on 1-4-2021 and went ( Blooms Level : 4 )
back to the UK on 1-12-2021. He was posted back to India on 20-01-
2024. Determine his residential status for the assessment year 24-2025
9.Mr. Top owns a big house.50% of the floor area is let out for residential [ Mark : 4 ]
purpose on a monthly rent of Rs. 3,200. However, this portion remained (CO : CO2 )
vacant for one month. 25% of the floor area is used by the owner for the ( Blooms Level : 4 )
purpose of his profession, while remaining 25% of the floor area is
utilized for the purpose of his residence. Other details of the house are as
follows:
1. Municipal valuation 75,000
2. Standard rent 90,000
3. Municipal tax paid 12,000
4. Repairs 3,000
5. Interest on capital borrowed for repairs 28,000
Compute income/loss from house property for the assessment year 2024-
25
10.How the residential status of an individual is determined for tax purpose. [ Mark : 4 ]
(CO : CO1 )
( Blooms Level : 4 )
11.From the following information compute the annual value of the house: [ Mark : 4 ]
(CO : CO2 )
1. Municipal value : ₹ 1,50,000, ( Blooms Level : 3 )
2. Fair rent : ₹ 1,80,000
3. Standard rent : ₹ 1,60,000,
4. Actual rent : ₹ 20,000 p.m.
5. Municipal tax paid by the owner 20% of M.V.
6. Unrealised rent ₹ 40000. Conditions of Rule 4 are satisfied
12.Mr. C has earned the following incomes during the previous year ended [ Mark : 4 ]
31st March 2024. Compute his gross total income for assessment year (CO : CO1 )
2024-25 assuming that he is ( Blooms Level : 4 )
A. Resident and ordinarily resident
B. Resident but not ordinarily resident
C. Non- Resident
1. Professional Fees Received in Hyderabad 9,00,000
2. Income earned in India but received in Rome. 2,50,000
3. Dividend on shares of Indian Companies 2,000
4. Salary earned and received in Taiwan 1,40,000
5. Income from agriculture in Nepal 1,00,000
6. Income from business in UK controlled from India 1,60,000
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Section D
Answer any 1 questions. Each question carries 15 marks.
13.Mr. A has four houses, the municipal valuation of which are ₹. 10000, ₹ [ Mark : 15 ]
8000, ₹ 6000 and ₹ 6000 respectively. He lives in the first house. In the (CO : CO2 )
second house, he runs his business. The third house let out for ₹ 400p.m. ( Blooms Level : 4 )
A loan was taken on 1 st April, 2018 for the construction of the fourth
house, the construction of which was began on 1 st May, 2018 and ended
on 31st January, 2020. The house was let out on 1st February, 2020 @ ₹
600 p.m. For the previous year 2023-24 the interest paid by him in
respect of the loan amounted to ₹ 800 and for the previous year 2018-19
and 2019-20 the interest paid has been ₹ 1500 and ₹ 1400 respectively.
Municipal taxes were assessed and paid @ 10% of the municipal
valuation. Ascertain his income from house property for the Assessment
Year 2024-25.
14.Sri. Abijith is the owner of a house property. From the following [ Mark : 15 ]
particulars. Compute the incomes from house property for the assessment (CO : CO2 )
year 2024-25. ( Blooms Level : 4 )
(a) Municipal valuation: 90,000, fair rent: 1,10,000, standard rent fixed
by the court: 1,00,000.
(b) The house was let out w.e.f 1.4.2023 for Rs. 8,000 p.m. which was
vacated by the tenant on 30/9/2023. since then it remained vacant for 2
months. from 1/12/2023 it was again let out for a rent of Rs. 11,000 p.m.
(c) Municipal tax paid: 20% of municipal valuation.
(d) Insurance premium paid Rs. 3,000.
(e) Interest on money borrowed for construction of house property Rs.
30,000
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