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Solve both fast Bonus Question 1: From the following details compute the Gross total income of Siddhant of Delhi for the AY 2020-21 Salary including
Solve both fast
Bonus Question 1: From the following details compute the Gross total income of Siddhant of Delhi for the AY 2020-21 Salary including deamess allowance 3.35.000 Salary of Servant provided by the employer 11.000 12.000 Bills paid by the Employer for Gas, Electricity and Water provided free of cost at the above that 11.000 Siddhant was provided with Company's Car (1.6 ltr cubic capacity -Self driven) also for personal use and it is not possible to determine expenditure on personal use and all expenses were borne by the employer. Siddhant purchased a Flat in Co-operative Housing Society for 4,75,000 in April, 1992, which was financed by a loan from Life Insurance Corporation of India of 1.60,000 @ 15% interest, his own savings of 85,000 and a deposit from a nationalized bunk for 2,50.000 to whom this flat was given on lease for ten years. The rent payable was 3,500 per month. The following particulars are relevant (a) Municipal Taxes paid 4,300 (per annum) (b) Society charges for passage lights, watchman's salary 1.900 (per annum) (c) Insurance 860 (d) He earned 2,700 in share speculation business and lost * 4,200 in Cotton Speculation business, (e) In the year 2014-15 he had gifted 30,000 to his wife and 20,000 to his minor son. The gifted amounts were advanced to Mr. Rajesh, who was paying interest @ 19% per annum. (1) Siddhant received a gift of 25,000 each from four friends. (h) He received national award for humanitarian work from the Central Government in the form of land whose fair market value is 5,00,000 as on 31" March 2020. Question 2: Mr. X gifted to his wife Mrs. X 100 listed shares on 21-3-2019, which had been bought by him on 19-4-2016 2,000 per share. On 1-6-2019, bonus shares were allotted in the ratio of 2 bonus share for every one share. All these shares were sold by Mrs. X as under- Dute of sale Manner of sale No. of Net sales shares value) 21.5.2019 Sold in recognized stock exchange, (STT paid both at 100 1.70,000 the time of sale and purchase) 21.7.2019 Private sale to an outsider All bonus 1.25.000 share Briefly state the income tax consequences in respect of the sale of the shares by Mrs. X showing clearly the person in whose hands the same is chargeable, the quantum and the head of income in respect of the above transactions. Detailed computation of total income is not required. Net sales value represents the amount credited after all taxes, levies, brokerages, etc., and the same may be adopted for computing the capital gainsStep by Step Solution
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