Question 8: The following is the profit & loss account of Mr. A, aged 58 years, a resident, for the year ended 31.03.2019 Particulars Rent Repairs of car 2,85,000 25,000 Particulars 60,000 Gross profit 3,000 Gift of cash from a friend (received on 15.09.18) 5,000 Sale of car 4,500 Interest on income tax refund 18,000 3,000 1,500 2,35,000 Wealth tax Medical expenses Salary Depreciation on car Advance income tax Net Profit 17,000 3,000 3,30,000 3,30,000 Other information: (1) Mr. A bought a car during the year for * 20,000. He charged depreciation @15% on the value of the car. The above car was sold during the year for * 17,000. The use of the car was 3/4th for business and 1/4th for personal use. (2) Medical expenses were incurred for the treatment of his wife. (3) Salary had been paid on account of car driver. (4) Rent includes arrears of rent from April 16 to October 16 @ 5,000 p.m., paid in cash on 1.11.2018 (5) Mr. A had also let out a house property at a monthly rent of * 25,000. The annual letting value is considered to be * 2.50,000. The municipal taxes are + 6,000, out of which # 3,000 are (paid by the tenant and * 3,000 are yet to be paid by Mr. A. Interest on loan taken for the house property is * 20.000. (6) Mr. A's minor daughter received * 75,000 from stage acting, interest on company deposits of Mr. A's daughter (Deposit was made out of income from stage acting) was * 10,000. (7) Mr. A incurred an expense of 50,000 on the medical treatment of his dependant son, who has disability of more than 80%. (8) Mr. A had taken a loan during the year 2018-19 for the education of his son, who is pursuing B.com in Delhi University. Interest paid on the same during the year was * 10,000. Compute the total income of Mr. Aditya for the assessment year 2019-20. Question 8: The following is the profit & loss account of Mr. A, aged 58 years, a resident, for the year ended 31.03.2019 Particulars Rent Repairs of car 2,85,000 25,000 Particulars 60,000 Gross profit 3,000 Gift of cash from a friend (received on 15.09.18) 5,000 Sale of car 4,500 Interest on income tax refund 18,000 3,000 1,500 2,35,000 Wealth tax Medical expenses Salary Depreciation on car Advance income tax Net Profit 17,000 3,000 3,30,000 3,30,000 Other information: (1) Mr. A bought a car during the year for * 20,000. He charged depreciation @15% on the value of the car. The above car was sold during the year for * 17,000. The use of the car was 3/4th for business and 1/4th for personal use. (2) Medical expenses were incurred for the treatment of his wife. (3) Salary had been paid on account of car driver. (4) Rent includes arrears of rent from April 16 to October 16 @ 5,000 p.m., paid in cash on 1.11.2018 (5) Mr. A had also let out a house property at a monthly rent of * 25,000. The annual letting value is considered to be * 2.50,000. The municipal taxes are + 6,000, out of which # 3,000 are (paid by the tenant and * 3,000 are yet to be paid by Mr. A. Interest on loan taken for the house property is * 20.000. (6) Mr. A's minor daughter received * 75,000 from stage acting, interest on company deposits of Mr. A's daughter (Deposit was made out of income from stage acting) was * 10,000. (7) Mr. A incurred an expense of 50,000 on the medical treatment of his dependant son, who has disability of more than 80%. (8) Mr. A had taken a loan during the year 2018-19 for the education of his son, who is pursuing B.com in Delhi University. Interest paid on the same during the year was * 10,000. Compute the total income of Mr. Aditya for the assessment year 2019-20