1) Z has a house property in Delhi whose particulars are as under:

Municipal value- 500000

Standard Rent - 435000

Municipal Tax paid- 75000

Interest paid on money

Borrowed for acquiring the house property

for the assessment Year 2017-2018 170000

Period of Occupation for own Residence 2 Months

Compute the income form house property for the same assessment year 2017-18

2) An Indian citizen Mr. Prakash Kumar. A government employee has the following Taxable income
During Previous year 2017-2018

1)-Salary receive in a foreign country for service rendered in that country Rs 70000.

2)-Agricultural income from agricultural land in Pakistan Rs 40000.

3)-Dividend by an Indian Company payable outside India Rs.25000.

4)-Income from transfer of Long term capital asset situated in India Rs 35000.

5)-Interest earned & received in England from Bank deposit there Rs 75000.

Compute taxable Income of Mr. Prakash Kumar for the assessment year 2018-19 if he is-

(a) resident Indian (b) Non Ordinary resident.

3)

Following information is furnished by Mr. Sushil Kumar, an Indian citizen and resident for the year
ending 31 March, 2018 for determination of the total income:

1. Salary (per month) 12,000

2. Dearness Allowance (per month) 1,000

3. House Rent Allowance (per month) 1,200

4. House Rent paid (per month) 1,000

5. Interest on P.F. @ 9% per annum 9,000

6. House property is let-out a monthly rent of Rs. 3,000. The annual value of the house property is Rs.
45,000. Municipal tax paid annually Rs. 3,000 and Rs. 6,000 paid for interest on capital borrowed
for the construction of the house.

7. Repayment of House building loan: 5,000

to Friends 4,000

to Life Insurance Corporation 4,000

8. Bank interest 8,800

9. Income from units of Mutual Funds 4,000

10. Life Insurance Premium paid 6,000

11. Interest on NSC (VIII issue) 2,000

12. Health Insurance Premium 5,000

Calculate Total Income of Mr. Sushil Kumar for the assessment year 2018-19.

4) A is entitled to a basic salary including DA of 400000/- Per annum &. He is also entitled to
get HRA of 120000/- Per annum. He is actually paying rent of 180000/- per annum in Lucknow.
Compute Taxable HRA.

5) Throw light on the avenues of income generation after retirement of an individual.

6) Discuss any three deductions in detail available Under Section 80C to 80U for an individual
under the Income Tax Act 1961.

7) Highlight on the importance of Tax Planning.

Submission Date: 29/03/2019