Tag: llb question papers and answers

43. The gross total income before deduction under section. 80C of ‘X’ a resident individual, aged 64 years is Rs.3,20,000/=and total income after deduction under sec 80C is Rs.2,85,000. Is it necessary for him to submit his return of income voluntarily?

1. Facts of the Case Mr. X is a resident individual aged 64 years during the relevant financial year. His gross total income (before deductions […]

40. A person has sustained a loss of Rs. 1 lakh in his speculative business. He wants to claim set-off of this loss from his income of Rs.30,000 received under the head income from house property. Will he be allowed to do so under the law? Decide with reasons.

1. Facts of the Case A taxpayer has incurred a loss of ₹1,00,000 from a speculative business during the financial year. Simultaneously, he has earned […]

 39. ‘A’ is Assessee, a partner Ina firm created trust. By a settlement deed he assigned his profits of ten percent [right, title, interest (excluding capital)] to the firm to the trust. He claimed his income transferred to trust as diversion of income. Is he legally justified? Discuss.

1. Facts of the Case The assessee ‘A’ is a partner in a firm. By executing a settlement deed, A assigned 10% of his share […]

37. Mrs. Y’ made certain cash gifts for her husband, which he invested in some interest yielding securities. The interest realized in securities was included in the income of Mrs. ‘Y’ by the income tax department, which was objected to by Mrs. ‘Y’. Discuss and decide whether the action of the assessing officer is correct.

1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 64(1)(iv) of the Income Tax Act, 1961 “In […]

36. Shyam, a partner of a firm consists of Madhu, a partnership officer’s two sons and a daughter with his share in the main partnership. Shyam is separated from his wife and is paying maintenance to her. What is his tax liability on the income earned from the main partnership and the amount?

1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 10(2A) – Exemption of Share of Profit from […]

 35. Mr. Madhu is practicing advocating his wife ‘Roja’ to work in his law firm and draws a salary of 25000Rs. /- While computing the total income for Mr. Madhu the assessing officer clubbed the salary of his wife. Discuss.

1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 64(1)(iv) – Clubbing of Income Under Section 64(1)(iv) […]

34. An assessee is the owner of an old flat built in 1983. There are 16 flats, and all flat owners decided to hand over their flats for redevelopment. The builder agreed to hand over a new flat along with a compensation of Rs 8 lakhs to each flat owner and retain the rest of the flats by the builder. Whether the compensation is taxable or not? What will the tax liability be for the exchange of new flats for the old one? If the assessee is liable for any tax, advise your client how to avoid the tax liability?

1. Facts of the Case The assessee seeks clarity on: 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 2(47) – Definition […]