1000 2000 400 Repairs Donations Interest on capital Fire insurance LIC premium House hold expenses 600 4000 7000 21600 69150 Less: Income from property 10800 Dividend 4800 15600 53550 Statement of gross total income 10800 3240 Income from house property Less: 30% of AV Income from business Income from other sources s27 7560 53550 nil 611 Dividends received from a domestie company are exempted from fax Illustration The following is the receipt and payment account maintained by a registered medical practitioner. An abstract of receipts and payments is given below. You are required to compute his income from profession and also compute his total income for the assessment year 2019-20. Balance b/d 78000 Cost of medicine 8000 Consultation fees 42000 Surgical tools 6000 Sale of medicine 15000 Rent of dispensary 1400 visiting fees 20000 Motor car 100000 interest on govt. securities 3500 Car expense 6000 rent from property 3000 Salaries 5300 loan from bank for pvt use 2000 Life insurance premium 2500 Interest on bank loan 200 500 Property insurance OYT deposit Balance c/d 8000 25600 163500 163500 Additional information: 1. Half of the motor car expenses are meant for personal use 2. Depreciation allowable on car is 15% and surgical tools @ 25%