Q4 Discuss the income tax provisions (taking each case individually) in the following cases for the assessment year 2019-20.

i. Mr. X wants to set off long term capital loss of Rs. 1,50,000 of previous year 2016-17 from his short term capital gain income of Rs. 1,20,000 of the current previous year 2018-19. Discuss the important provisions of Income Tax Act and conditions for set off and carry forward of capital losses. Advise him whether he can set off the long term business loss?

ii. Mr. Y is a resident and ordinary resident in the previous year 2018-19. He receives interest of Rs. 50,000 on German development bonds of Rs. out of which 50% is received directly in his Indian bank account. Is he liable to pay tax on the entire interest income? Would your answer be different if his residential status is nonresident in the previous year?

iii. Mr. Z is a part time director in a private company. Company has provided him a rent free furnished house in Delhi. Explain the taxability of the house in the hands of Mr. Z.

iv. Mr. M is a senior citizen. He has agriculture income of Rs. 10,000 and non-agriculture income of Rs. 6,70,000. He deposited Rs. 50,000 in PPF. Find out his taxable income.