Tag: osmania university llb 6th semester previous question papers

32. Under 80 C of IT Act exemption for tuition fees paid to any college or school can be claimed to an extent of Rs.12,000 per annum, for two children, clarify whether any tuition fee paid for self-education can also be claimed as deduction under above section (80C)

1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 80C(2)(xvii) – Deduction on Tuition Fees Under Section […]

29. The assessee and his wife owned a joint property with a joint home loan. which is given out on rent. The assessed share of the joint loan is 40: 60. Both are earning members and income tax assesses. In fact, the assessee is paying the entire EMI. Can both claim EMI as exemption and only assessee can claim since he is paying the entire EMI? Your client seeks your advice. Advice your client appropriately with reasons.

1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Ownership and Deduction – Eligibility In this case, both […]

27. The assessee is a retired employee, and he has income from salary pension. Along with pension and house property and from other sources. His taxable income for the financial year 2019 -202 was Rs 2,90,000. In the month of April 2020, he became a senior citizen. Since he attained 60 years of age his income is much below the exempted income of Rs.2,50,000 and Rs 3,00,000. He has filed nil return. The assessing officer assessed the income and levied tax and interest. You as the consultant advise the assessee.

1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Definition of Senior Citizen – Section 2(42A) of the […]

26. When a property is received on inheritance or as a gift, it is not taxable for the received. When the inheritor or receiver of this property sells it, capital gain aspiring to the sale of that property is taxable to him.

1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Section 56(2)(x): Gift Taxation Conclusion: The receipt of property […]

25. The assessee an NRI wants to sell the House Property of his father who purchased it 40 years ago and died leaving behind his heirs i.e. his wife, son and his two daughters. The assessee needs your advice on the following issues.

1. Facts of the Case 2. Issues in the Case [Questions] 3. Legal Principles Covered A. Capital Gains on Inherited Property – Section 49(1) & […]

24. Assessee, an individual, was entitled to 1/3rd share of the estate of his deceased husband. The remaining 2/3rd share was transferred to the name of the assessee’s minor daughter. The daughter’s share was deposited as a fixed deposit in the Bank, and the fixed deposit receipt was produced before the Court for safe custody until the daughter attained majority. Assessee preferred an application under section 197(1) seeking a certificate for non-deduction of tax with respect to interest accruing annually on such fixed deposit. However, the Income- Tax Officer rejected the application on the grounds that the income of the minor had to be clubbed with the income of the assessee for the purpose of taxation under the Act.

1. Facts of the Case 2. Issues in the Case 3. Legal Principles Covered A. Section 64(1A) – Clubbing of Minor’s Income As per Section […]

21. Mrs. Y made certain cash gifts for her husband, which he invested in some interest yielding securities. The interest realized on 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 3. Legal Principles Covered A. Section 64(1)(iv) – Clubbing of Income of Spouse As per […]