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Taxation - Direct and Indirect - 2 - NMIMS Solved Assignment

Taxation - Direct and Indirect - 2 - NMIMS Solved Assignment

Q1] Mr. Ammar was out of India only for 60 days in the previous year for the first time. He wants to know about what will be his residential status for the previous year. You are a Tax advisor, so explain to him the concept of Residential Status for an Individual. Also describe the conditions for Residential Status.


Q2] Do you agree with the statement that “Income from other sources is a residuary head of income”? Kindly explain the same with the help of appropriate examples.


Q3] The W.D.V. of the block of assets as on 1.4.2013 was 5 lacs. Rate of Depreciation @ 15%.

An asset of the same block was acquired on 11.5.13 for 3 lacs. There was a fire on 18.9.2013 and the assets were destroyed by fire. The assessee received a sum of 12 lacs from the insurance Company.

Compute the Capital Gain assuming:

(a) All the assets were destroyed by fire

(b) Part of the block was destroyed by fire

Would your answer differ if the assessee received a sum of 7 lacs from insurance company assuming:

(a) All the assets were destroyed by fire

(b) Part of the block was destroyed by fire. 

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