Cfp Tax.docx

Let’s solve following questions. Some of the questions have been there in exams Trust is created for benefit of relatives of venture capital shares of 4 beneficiaries are 40% , 25%,20%,15%. while they are assessable respectively in tax slab on 10% 20% 20% 30%. beneficiary in 10% tax slab has income from trust only. tax on 2nd beneficiary is 20% bracket exceeds previous slab by 80000 pursuant to receiving income from trust. total income is 8.5lacs to be distributed among year. what would be tax payable by trustee on account of trust in that year: 1. 2. 3. 4.

123750, 75000, 148750, 114750.

Your client age 40 has a self occupied and 2nd house with combine market value of rs. 1.20 cr .combined outstanding loan on properties is 65 lacs. he also has invested rs 40 lacs, bullion worth rs 4.5lacs, tax saving fd @ 10% of rs. 1.5lacs maturing 2 years from now and saving account balance of rs 40000. endowment policy of sum assured rs 5 lacs with bonus 1.75 lacs and term cover is 15 lacs. he has employee benefits currently value rs. 39 lacs in exigency life. you estimate value is : 1. 2. 3. 4.

10140000, 15574650, 16264650, 22746500

A management college professor retired from her service on 1st March 2013 at the age of 60 years. She had accumulated a balance of Rs. 1.25 Crore in her retirement account. She also received gratuity from the college under the Payment of Gratuity Act. She commuted the tax exempt value of her retirement fund. The rest of the amount was utilized by her college to buy her a 25-year fixed annuity deferred by a year and paid annually thereafter. If the effective yield from such annuity product were 7.5% p a., and she is willing to save the maximum permissible amounts under Section 80C and 80D, what tax liability do you estimate for her for AY2015-16? Mr. A purchased 1,000 shares of an unlisted company at Rs. 983 per share on 25th April 2007. The company allotted rights shares at Rs. 245 per share in the ratio of 1 share for every 2 shares held by investors on 18th January 2010 which was subscribed by Mr. A. The company got listed on 1st March 2013 and Mr. A sold 1,400 shares at Rs. 1,975 per share in off-market transaction on 1st February 2014. Find the capital gains in the transaction. (Cost Inflation Index for FY 2007-08: 551; 2009-10: 632 and 2014-2015: 932) Mr. A redeemed the entire units of a debt oriented Mutual Fund on 31st December 2013 at Rs. 22.16 per unit. He originally purchased 3,500 units at a price of Rs. 17.47 per unit under dividend reinvestment option on 4th December 2010. He received dividends of 20%, 18%, 17% in this period on his outstanding units which were reinvested respectively at NAVs of Rs. 19.43, Rs. 20.91, Rs. 22.61 in the month of November in the years 2011 to 2013. What is the tax treatment of these transactions for AY2015-16. (Cost inflation index for 2010-11: 711; 2011-12: 785; 2012-13: 852; 2015-16 :1024)

A person taken home loan and education loan ,he paid 30000 as principal 13000 as interest against home loan and 18000 as principal and 8000 as interest against education loan ,what would be deduction u/s 80C and 80 E ? An assesse lives his parent from 1/august/2013 he takes a rent accommodation for this he is paying 10000 pm his basic salary is 240000 and HRA received by him 2500 pm ,what is his taxable HRA RCF is trading @ rs 50. it pays dividend of rs 3.5. dividend growth is projected @ 5% & required rate of return is 12%. find value of stock & ascertain whether it is undervalued or overvalued? A. stock value rs 52.5/ undervalued B. stock value rs 58.3/undervalued c. stock value rs 38.3/ overvalued D. stock value rs 45.2/ undervalued A house property in Kolkata having a municipal value of rs 5lac, fair rental= 6lac was intended to let out to tenants. Unfortunately during PY there was no tenant for this house property. Municipal tax is rs 5000 ( of which rs 1200 is payable) Interest paid on loan taken for purchase of property is rs 179000. what is d income from h/p ? (a) loss of 153500 (b) income of 153500 (c) loss of 182500 (d) nil The average inflation over the last three years is 5.5 % p.a. You invested Rs. 4 lakh in a security 8 years ago which you have redeemed for Rs. 8 lakh. What real return have you obtained from investment? Pramod redeemed entire units of debt oriented mutual fund on 31 December 2011 at Rs 22.16. He originally purchased 3500 units at Rs 18.27 during 2007-08 .He received dividends of 18% 20% 18% 17% in this period. He reinvested the same by Rs 19.15, Rs 20.06, Rs 21.11, Rs 21.81 at last […] your client age 40 has a self occupied and 2nd house with combine market value of rs. 1.20 cr .combined outstanding loan on properties is 65 lacs. he also has invested rs 40 lacs, bullion worth rs 4.5lacs, tax saving fd @ 10% of rs. 1.5lacs maturing 2 years from now and saving account balance of rs 40000. endowment policy of sum assured rs 5 lacs with bonus 1.75 lacs and term cover is 15 lacs. he has employee benefits currently value rs. 39 lacs in exigency life. you estimate value is : 10140000, 15574650,16264650,22746500 A person taken home loan and education loan ,he paid 30000 as principal 13000 as interest against home loan and 18000 as principal and 8000 as interest against education loan ,what would be deduction u/s 80C and 80 E ? Couple of more questions which I have been suggested by many readers are:

Mrs. Took a car loan of Rs 8lakhs @12%pa 3 yrs ago, personal loan of Rs 3lakhs @18%pa 4 year ago. Two more years remaining in the tenure of both the loans. She gets wind fall of Rs 6lakhs. She asks you whether to invest this in band fixed deposit @9%pa for 2 yrs. You advise her to repay both loans and invest the amount of EMI’s systematically every month in a tax efficient market. You estimate return @ 8-10%pa. Her revised net worth lower tax incidence after 2 yrs. Her net worth would be between? a) Rs 32,000 to 40,000 b) Rs 37,000 to 52,000 c) Rs 28,000 to 41,000 d) Rs 73,000 to 91,000 Mr. A is about to retire in 2yrs has a short fall of Rs. 80,00,000 in his corpus. On retirement is will be getting pension of Rs. 8,000/- p.m. He has a land and a house at his native place. He has no plans to shift to his native place. The building repairs is required which will cost him Rs. 7,00,000/- after which he would get rent of Rs. 5,000/- p.m on the said property. The land would be able to generate Rs. 30,00,000 currently with tax incidence of 12% and transaction charge if sold today. What is your suggestion as his financial planner. (4 Marks) Sell the Land and repair the building. Sell the property as it would recover the cost in 10 years which is not recommended at this stage. Save Rs. 8,000/- pre retirement & Rs. 5,000/- post retirement for ___ yrs and rent out the building

Following are some of the question which i had got in my exam apart from the earlier question as most of them were repeated. Request you to kindly share the solutions on the same. Q1. Difference between mutual will and joint will. Q2. Promissory note where date is not mentioned is; a) Payable on demand b) Void c) Cheque d) Bill of exchange Q3. Which is not a transfer of capital asset under IT act 1961? a) Shares b) Transfer under a will c) Sale of house d) Distribution of assets on dissolution of partnership firm. Q4. What are the provisions in trust deed? Q5. Who is a Sr citizen as per IT act 1961 a) Who is of age 60 at the start of RPY. b) Who is of age 60 at any point of time in RPY. c) Who is of age 65 at the start of RPY. d) Who is of age 65 at any point of time in RPY. Q6. In business cycle when a business is showing an increase in employment and increase in output is known as? a) Peak b) Expansion c) Loss d) Sluggish Q7. Can NRI open a PPF account ? Q8. Calculate the tax payable on a laptop of Rs 125000 provided to an employee by his company. a) 25000 b) 50000 c) 12500 d) NIL Q9. Can HUF open POMIS?

Q10. Treatment of farmhouse income as per IT acts 1961? Q11. Abhishek won a lottery and received Rs 665000 after TDS.What was the gross value of amount? a) 950000 b) 938000 c) 980000 d) 995000 Q12. Mr. X has worked in company from last 8years and now received a VRS of Rs 8lacs.Calculate taxable amount ? a) 5lacs b) 3lacs c) 8lacs d) NIL Q13. Mr. Y has worked for a company for last 9 years and now received a VRS of Rs 6lacs under RULE 2BA.Calculate taxable amount? a) 6lacs b) 1lac c) 5lac d) NIL Q14. Remuneration received by KARTA of HUF will be treated as his individual income. a) True b) False etc Q15. Zero income tax is possible if a) NRI income is from interest on NRE deposit b) NRI income is from interest on FCNR deposit c) Entire income is from agriculture d) All of the above Q16. RCF is trading at Rs 50.It pays a dividend of Rs 3.5.Dividend growth is projected at 5% and required rate of return is 12%.Find value of stock and ascertain whether it is undervalued or overvalued? a) Stock value Rs 52.5/Undervalued b) Stock value Rs 58.3/Undervalued c) Stock value Rs 38.3/Overvalued d) Stock value Rs 45.2/Undervalued Q17. For FY 11-12 the taxable income of Hindustan Co op Society is Rs 30000.Tax payable in 12-13 will be a) 0 b) 9270

c) 3090 d) 6180 Q18. For FY 12-13 a company XYZ has a profit before tax of Rs 5cr.what will be the net tax payable with cess? a) 1.62cr b) 1.60cr c) 1.66cr d) 1.64cr Q19. Mr. R acquires a house on 10 Oct 1974 for Rs 10 lacs.Paid 10k for registration. He spent Rs 50k on 15/03/1980 and Rs 80k on 15/6/99 for improvement of the house. He sold the house on 25 oct 2011 for Rs 25 lacs and paid brokerage of 2% on sale price. Calculate capital gains for 12-13.Assume fair mkt value on 1/4/1981 as Rs 2lacs.CII 81-82 100, 99-00 389, 11-12 785. Q20. Mrs. X sold 2Kg of gold at Rs 47 lacs on 28/04/11 which she purchased in 2007.Cost of acquisition was Rs 26.38 lacs.She purchased a new house on 13 may 2011.Compute capital gains exempt under sec 54F for 1213. a) 3lacs b) 23.62lacs c) 0 d) 20.62lacs Q21. Mr. Prabhakar age 38 and Mrs. Prabhakar age 35 both are working and earning yearly salary of Rs 7.5lacs and Rs 4.5lacs respectively.Mr Prabhakar gifts his wife Rs 10lacs from his savings on 1/4/11.Mrs Prabhakar deposits the same in bank @ 9% pan interest. An FD of Rs 50k @8.5% pa is also held in the name of minor son of Mr.Prabhakar which is gifted by his grandfather on 1/4/11.further Mr. and Mrs. Prabhakar have deposited Rs 1 lac and Rs 80k respectively in their PPF accounts in 11-12.What is their individual tax liabilities for 12-13? a) Mr. Prabhakar Rs 64740 , Mrs. Prabhakar Rs 27810 b) Mr. Prabhakar Rs 82970 , Mrs. Prabhakar Rs 18540 c) Mr. Prabhakar Rs 64430 , Mrs. Prabhakar Rs 27810 d) Mr. Prabhakar Rs 83280 , Mrs. Prabhakar Rs 18540 Q22. Mr A owns a let out property in delhi whose net annual value is Rs 100000.The interest paid on loan of the property is Rs 30000.calculate income from house property? a) NIL b) 100000 c) 30000 d) 70000

Q23. Mr.Rajagopalan buys 10000 units of debt oriented MF @ Rs 18.37 on 24/04/11 under dividend reinvestment option. The scheme gave a dividend of 20% and the record date was 30/4/11 and ex dividend nav of Rs 16.85.He sold original units @ Rs 16.61 on 21 oct 11.The purchase and repurchase prices of growth option on the same scheme were Rs 27.31 and Rs 28.13 on 24/4/11 and 21/oct/11.Calculate for 12-13 the nature of capital gains and difference he invested in growth option. Reply

1

Pramod redeemed entire units of debt oriented mutual fund on 31 December 2011 at Rs 22.16. He Capital Gains originally purchased 3500 units at Rs 18.27 during 2007-08 .He received dividends of 18% 20% 18% 17% in this period. He reinvested the same by Rs 19.15, Rs 20.06, Rs 21.11, Rs 21.81 at last business day of November 08 to 11.Compute his taxable income for this transaction. CII 07-08 551, 08-09 582, 09-10 632, 10-11 711, 11-12 785.



Solution:

div%

opening

amt

units

cost of acq

Nov-08

18

3500

6300

328.981723

19.15

Nov-09

20

3828.981723 7657.963446 381.752914

20.06

Nov-10

18

4210.734637 7579.322346 359.039429

21.11

Nov-11

17

4569.774066 7768.615912 356.195136

21.81

units

sale consi

3500

77560

indexed cost

gain/loss

91101.31579 -13541.316

328.981723 7290.234987 8497.42268

long term

-1207.1877

long term

381.752914 8459.644565 9511.869154 -1052.2246

long term

359.039429 7956.313747 8368.168835 -411.85509

long term

356.195136 7893.284209 7768.615912 124.668298

short term

taxable income

124.668298

short

-16212.583

long

Hence, LTCL=16,212 and STCG = 125

2

Xavier aged 37 was awarded a car of market value 4.5 lakh by his credit card company in a draw on 27 IFOS sep 2011. The company did not deduct any TDS. Xavier has a total income of Rs 7.85lakhs in PY 1112. He saved Rs 1.5 lakh under different investment instruments eligible for exemption in 80 (c) and Rs 18k was paid by him on 5 January 12 towards health insurance policy. Find his tax liability for 1213

   

(a) 202980 (b) 193640 (c) 206410 (d) 157980

Solution:

      3

Father purchases residential house for Rs 7 lakh on 28 sep 86. He dies on 21 mar 09 and his son inherited the property. On this date the fair mkt value of property is Rs 36 lakh. His son sold the property on 25 June 11 and received a net consideration of Rs 25 lakh. Determine nature and amount of capital gains earned by son? CII 81-87 140 , 08-09 582 , 11-12 785Solution:

    4

For financial year 2011-12 there is not cess applicable on TDS apart for TDS on salary payments. Hence, 1,35,000 is the tax (@30% on gross value) on the car as it covered under the definition of lottery. Other taxable income is 6,70,000 (i.e. 7,85,000-1,00,000-15000) Tax on the same is 66,000+cess Hence the tax amount = 135,000+67,980 = 2,02,980 And answer is A

CG

Section 49 is applicable here. Sale consideration = 25,00,000 Indexed cost of acq = 7,00,000 * (785/582) = 9,44,158 LTCG= 15,55,842

Mr. Paresh earned income from other sources Rs 30 and LTCG of Rs 70k by selling house. For 11-12 he

CG

invested Rs 80k in ELSS of MF. Compute his net total income.

   

(a) 30k (b) 20k (c) 70k (d) 1 lakh

Reason: Deduction U/S 80 C to 80 U cannot be availed in case of LTCG and STCG

5

Mr. Malav purchases house property in 81-82 for Rs 3 lakh and sold for 34 lakh on 14 may 11. He

CG

purchased new house on 28 June 11 for Rs 10 lakh. Calculate LTCG? CII 81-82 100 and 11-12 785 Solution: 1. 2. 3. 4. 5.

6

Sale consideration = 34,00,000 Indexed cost of acq = 23,55,000 LTCG = 10,45,000 Deduction u/s 54 = 10,00,000 Taxable LTCG = 45,000

Mamta age 63 is having income from other sources 4,50,000 and Agriculture income of 50,000. Calculate tax on income (ignore cess). Solution: Total income i.e. 4,50,000+50,000=5,00,000 Tax = 25,000 – 5000 = 20,000

AI

7

Which of the value of asset attract Wealth tax?

   

(a) (b) (c) (d)

WT

20 Lakh 25 Lakh 30 Lakh 45 Lakh

Reason: Wealth tax applies when the net assets exceed 30L

8

Mr A owns a let out property in Delhi whose net annual value is Rs 100000. The interest paid on loan of the property is Rs 30000. Calculate income from house property?

   

(a) NIL (b) 1,00,000 (c) 40,000 (d) 70,000

Solution: The answer of the question looks like 1,00,000-30,000=70,000. But thats not right. The correct solution is, 1. 2. 3. 4.

NAV = 1,00,000 less: SD 30% = 30,000 less: Interest = 30,000 Hence, the income from HP is 40,000

There are some question i remember; 1) One question from Trust – Calculation – 2) question on annuity & differ annuity 3) lots of question on residency & foreign income, 4) Capital Gain – 54F, 54EC 5) When agriculture income will be consider for taxable income… 6) one marks question on DDT taxable in case of Individual & NRI, 7) DDT to NRI ? 8) Code of Ethics 9) HRA – Question like – person stay with father for 3 month and for remaining he stay in rent. calculate tax amt. 10) Concealment Penalty, 11) Divined Striping, 12) Home Equity, 13) Question on Net worth

1) A management college professor retired from her service on 1st March 2013 at the age of 60 years. She had accumulated a balance of Rs. 1.25 Crore in her retirement account. She also received gratuity from the college under the Payment of Gratuity Act. She commuted the tax exempt value of her retirement fund. The rest of the amount was utilized by her college to buy her a 25-year fixed annuity deferred by a year and paid annually thereafter. If the effective yield from such annuity product were 7.5% p a., and she is willing to save the maximum permissible amounts under Section 80C and 80D, what tax liability do you estimate for her for AY2015-16? 2)2) Mr. A purchased 1,000 shares of an unlisted company at Rs. 983 per share on 25th April 2007. The company allotted rights shares at Rs. 245 per share in the ratio of 1 share for every 2 shares held by investors on 18th January 2010 which was subscribed by Mr. A. The company got listed on 1st March 2013 and Mr. A sold 1,400 shares at Rs. 1,975 per share in off-market transaction on 1st February 2014. Find the capital gains in the transaction. (Cost Inflation Index for FY 2007-08: 551; 2009-10: 632 and 2014-2015: 932) 3) Mr. A redeemed the entire units of a debt oriented Mutual Fund on 31st December 2013 at Rs. 22.16 per unit. He originally purchased 3,500 units at a price of Rs. 17.47 per unit under dividend reinvestment option on 4th December 2010. He received dividends of 20%, 18%, 17% in this period on his outstanding units which were reinvested respectively at NAVs of Rs. 19.43, Rs. 20.91, Rs. 22.61 in the month of November in the years 2011 to 2013. What is the tax treatment of these transactions for AY2015-16. (Cost inflation index for 201011: 711; 2011-12: 785; 2012-13: 852; 2015-16 :1024) 4)HRA question 5)rent free accommodation problem 6) Your client, a businessman has a house worth Rs. 2.1 crore and a farm house worth Rs. 85 lakh. His business is worth Rs. 10 crore as per last balance sheet. His He and his wife is one of the partner in the business having stakes of 20% each . He has two cars purchased at Rs. 40 lakh and Rs. 20 lakh, the latter being in personal account. The cars have depreciated/market value at Rs. 30 lakh and Rs. 8 lakh, respectively. His wife has stock worth Rs. 1.65 crore in a Demat account where she is the primary holder. The business has taken Keyman’s insurance on his life of value Rs. 1.5 crore. He has himself insured his life for an assured sum of Rs. 1.5 crore. You evaluate your client’s estate in case of any exigency with his life as _____ 7)Captail Gain Problems including section 54, 54d, 54ec and 54f 8)Partner ship firm problem as per section 44AD X and co (a firm of X and Y with unlimited Liablity)is engaged in the business of manufacturing(turnover of 2013-14 being Rs 8780000)it wants to claim the following deduction-

Salary and interest to partners( as permitted by section 40(b) Rs 60000 Salary to employees Rs 4900000 Depreciation Rs 270000 Cost of material Used Rs 7590000 other expenses Rs 3450000 Total 8755000 Net profit(8780000 minus Rs 8755000) 25000 Determine the net income of X and Co for the assessement year 2014-15 asssuming that long term capital gain is rs 40000 and the firm is elgible for deductions of rs 5000 under section 80G. The firm has a brought forward loss of rs 240000(Previous year 2010-11)of a trading which has been discontinued Ans: Hint Other expenses {except salary/interest to partners in the case of a firm, no other expenditure is deductible} 9)Agriculture income 10) Practice Fpsb problems including Tvm problems 11) Carry forward and set off 12)TDS rates 13)penalities 14) Eligibility for E filing 15) Dividend stripping These are the imp questions came for the exam…and cleared TPEP exam after 2 attempts

Can some one come up with solutions for the below mentioned questions who ever cleared please help me please let me Thanks in advance 1.Q. trust is created for benefit of relatives of venture capital shares of 4 beneficiaries are 40% , 25%,20%,15%. while they are assessable respectively in tax slab on 10% 20% 20% 30%. beneficiary in 10% tax slab has income from trust only. tax on 2nd beneficiary is 20% braqcket exceeds previous slab by 80000 pursunant to receiving income from trust. total income is 8.5lacs to be distributed among year. what would be tax payable by trustee on account of trust in that year: 123750,75000,148750,114750. 2.your client age 40 has a self occupied and 2nd house with combine market value of rs. 1.20 cr .combined outstanding loan on properties is 65 lacs. he also has invested rs 40 lacs, bullion worth rs 4.5lacs, tax saving fd @ 10% of rs. 1.5lacs maturing 2 yrsfrmnw and saving account balance of rs 40000. endowment policy of sum assured rs 5 lacs with bonus 1.75 lacs and term cover is 15 lacs. he has employee benefits currently value rs. 39 lacs in exigency life. you estimate value is : 10140000, 15574650,16264650,22746500 3.A management college professor retired from her service on 1st March 2013 at the age of 60 years. She had accumulated a balance of Rs. 1.25 Crore in her retirement account. She also received gratuity from the college under the Payment of Gratuity Act. She commuted the tax exempt value of her retirement fund. The rest of the amount was utilized by her college to buy her a 25-year fixed annuity deferred by a year and paid annually thereafter. If the effective yield from such annuity product were 7.5% p a., and she is willing to save the maximum permissible amounts under Section 80C and 80D, what tax liability do you estimate for her for AY2015-16? 4.Mr. A purchased 1,000 shares of an unlisted company at Rs. 983 per share on 25th April 2007. The company allotted rights shares at Rs. 245 per share in the ratio of 1 share for every 2 shares held by investors on 18th January 2010 which was subscribed by Mr. A. The company got listed on 1st March 2013 and Mr. A sold 1,400 shares at Rs. 1,975 per share in off-market transaction on 1st February 2014. Find the capital gains in the transaction. (Cost Inflation Index for FY 2007-08: 551; 2009-10: 632 and 2014-2015: 932) 5.Mr. A redeemed the entire units of a debt oriented Mutual Fund on 31st December 2013 at Rs. 22.16 per unit. He originally purchased 3,500 units at a price of Rs. 17.47 per unit under dividend reinvestment option on 4th December 2010. He received dividends of 20%, 18%, 17% in this period on his outstanding units which were reinvested respectively at NAVs of Rs. 19.43, Rs. 20.91, Rs. 22.61 in the month of November in the years 2011 to 2013. What is the tax treatment of these transactions for AY2015-16. (Cost inflation index for 201011: 711; 2011-12: 785; 2012-13: 852; 2015-16 :1024) 6.a person taking hoam loan for his SOP property on 1/april/2013 how much deduction he can take under income from house property 7.a person taken hoam loan and educaation loan ,he paid 30000 as principal 13000 as interest aganisthoam loan and 18000 as principal and 8000 as interest against education loan ,what whould be deduction u/s 80C

and 80 E ? 8.anassesse lives his parent from 1/auguest/2013 he takes a rent accommodation for this he is paying 10000 pm his basic salary is 240000 and HRA received by him 2500 pm ,wwhat is his taxable HRA 9.Mr. R acquires a house on 10 Oct 1974 for Rs 10 lacs. Paid 10k for registration. He spent Rs 50k on 15/03/1980 and Rs 80k on 15/6/99 for improvement of the house. He sold the house on 25 oct 2011 for Rs 25 lacs and paid brokerage of 2% on sale price. Calculate capital gains for 12-13.Assume fair mkt value on 1/4/1981 as Rs 2lacs.CII 81-82 100, 99-00 389, 11-12 785 10.Mrs. X sold 2Kg of gold at Rs 47 lacs on 28/04/11 which she purchased in 2007.Cost of acquisition was Rs 26.38 lacs.She purchased a new house on 13 may 2011.Compute capital gains exempt under sec 54F for 1213. a) 3lacs b) 23.62lacs c) 0 d) 20.62lacs 11.Mr. Prabhakar age 38 and Mrs. Prabhakar age 35 both are working and earning yearly salary of Rs 7.5lacs and Rs 4.5lacs respectively.MrPrabhakar gifts his wife Rs 10lacs from his savings on 1/4/11.Mrs Prabhakar deposits the same in bank @ 9% pan interest. An FD of Rs 50k @8.5% pa is also held in the name of minor son of Mr.Prabhakar which is gifted by his grandfather on 1/4/11.further Mr. and Mrs. Prabhakar have deposited Rs 1 lac and Rs 80k respectively in their PPF accounts in 11-12.What is their individual tax liabilities for 12-13? a) Mr. PrabhakarRs 64740 , Mrs. PrabhakarRs 27810 b) Mr. PrabhakarRs 82970 , Mrs. PrabhakarRs 18540 c) Mr. PrabhakarRs 64430 , Mrs. PrabhakarRs 27810 d) Mr. PrabhakarRs 83280 , Mrs. PrabhakarRs 18540 12.Your client, a businessman has a house worth Rs. 2.1 crore and a farm house worth Rs. 85 lakh. His business is worth Rs. 10 crore as per last balance sheet. His He and his wife is one of the partner in the business having stakes of 20% each . He has two cars purchased at Rs. 40 lakh and Rs. 20 lakh, the latter being in personal account. The cars have depreciated/market value at Rs. 30 lakh and Rs. 8 lakh, respectively. His wife has stock worth Rs. 1.65 crore in a Demat account where she is the primary holder. The business has taken Keyman’s insurance on his life of value Rs. 1.5 crore. He has himself insured his life for an assured sum of Rs. 1.5 crore. You evaluate your client’s estate in case of any exigency with his life as _____ 13) RCF is trading @ rs 50. it pays dividend of rs 3.5. dividend growth is projected @ 5% & required rate of return is 12%. find value of stock & ascertain whether it is undervalued or overvalued? A. stock value rs 52.5/ undervalued B. stock value rs 58.3/undervalued c. stock value rs 38.3/ overvalued

D. stock value rs 45.2/ undervalued 14) A house property in Kolkata having a municipal value of rs 5lac, fair rental= 6lac was intended to let out to tenants. Unfortunately during PY there was no tenant for this house property. Municipal tax is rs 5000 ( of which rs 1200 is payable) Int paid on loan taken for purchase of property is rs 179000. what is d incone from h/p ? (a) loss of 153500 (b) income of 153500 (c) loss of 182500 (d) nill 15.Mr.Rajagopalan buys 10000 units of debt oriented MF @ Rs 18.37 on 24/04/13 under dividend reinvestment option. The scheme gave a dividend of 20% and the record date was 30/4/13 and ex dividend nav of Rs 16.85.He sold original units @ Rs 16.61 on 21 oct 13.The purchase and repurchase prices of growth option on the same scheme were Rs 27.31 and Rs 28.13 on 24/4/13 and 21/oct/13.Calculate for 13-14 the nature of capital gains and difference he invested in growth option? 16)Mrs. X sold 2Kg of gold at Rs 47 lacs on 28/04/11 which she purchased in 2007.Cost of acquisition was Rs 26.38 lacs.She purchased a new house on 13 may 2011.Compute capital gains exempt under sec 54F for 1213. a) 3lacs b) 23.62lacs c) 0 d) 20.62lacs What was the cost of new house? 17.The average inflation over the last three years is 5.5 % p.a. You invested Rs. 4 lakh in a security 8 years ago which you have redeemed for Rs. 8 lakh. What real return have you obtained from investment? 18.Pramod redeemed entire units of debt oriented mutual fund on 31 December 2011 at Rs 22.16. He originally purchased 3500 units at Rs 18.27 during 2007-08 .He received dividends of 18% 20% 18% 17% in this period. He reinvested the same by Rs 19.15, Rs 20.06, Rs 21.11, Rs 21.81 at last […] 19.your client age 40 has a self occupied and 2nd house with combine market value of rs. 1.20 cr .combined outstanding loan on properties is 65 lacs. he also has invested rs 40 lacs, bullion worth rs 4.5lacs, tax saving fd @ 10% of rs. 1.5lacs maturing 2 yrsfrmnw and saving account balance of rs 40000. endowment policy of sum assured rs 5 lacs with bonus 1.75 lacs and term cover is 15 lacs. he has employee benefits currently value rs. 39 lacs in exigency life. you estimate value is : 10140000, 15574650,16264650,22746500 20.a person taken hoam loan and educaation loan ,he paid 30000 as principal 13000 as interest aganisthoam loan and 18000 as principal and 8000 as interest against education loan ,what whould be deduction u/s 80C and 80 E ?