Taxation – Direct and Indirect-2ndSet-1st-2016-NMIMS

Taxation – Direct and Indirect-2ndSet-1st-2016-NMIMS
Taxation - Direct and Indirect - 2nd Set
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Q1. Mr A suffered heavy losses in the previous year under the head of Business profession as well as in the share market. As a consultant, advise him the process of Carry Forward and Set Off of Losses in Subsequent years. (10 Marks)
Q2. As a tax advisor, explain the various exemptions available to Salaried Individual u/s 10 of the Income Tax Act. (10 Marks)
Q3. Solve the following:
a. Rajesh a British National is a Resident & Ordinary resident in India during the previous year 2013 -14. He owns a house in London, which he has let out at 10000 GBP per month. The municipal taxes paid to the Municipal Corporation is 8000 GBP during the previous year 2013-14. The value of one GBP in Indian Rupees to be taken is 82.50.
Compute the taxable Income of Rajesh for Assessment year 2014-15 (5 Marks)
b. “The definition of capital asset does not include the stock in trade, personal effects of movable nature, agriculture land situated in any part of India”. What is your opinion on the above mentioned statement? Elaborate. (5 Marks)
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