Answer any Three 1) Short notes on: a) House Rent allowance (With Provision) b) Rent free unfurnished accommodation

(with Provisions) b) List out any 8 items fully exempted income form House property. 2) Calculate Taxable House Property income. Mr. Suresh owns a house in Mumbai. From the following particulars computes the incomes from house property for the AY 2012-2013 i) Actual Rent (Per Month) Rs. 15,000 ii) Municipal Value Rs. 1,50,000 iii) Fair Rent Rs. 1,65,000 iv) Municipal Tax Paid (PA) Rs. 15,000 v) Expenses on repairs Rs. 8,000 vi) Interest on borrowed capital Rs. 20,250 3) Short Notes on: A) Previous Year B) Assessment Year C) Meaning of Recognized Provident fund D) Meaning of Income form other sources E) Explain what are the difference between Revenue and capital Expenditure? 4) Calculate Net Salary: Mr. Edvin, an employee of the ABC (P) Ltd receives the following salary and perquisites from his employer during the A.Y 2012-2013. 1) Basic pay Rs. 15,000 PM 2) D.A 20 % of Basic Pay ( 75% forming Part) 3) City Compensation allowance Rs. 1,200 P.M 4) Entertainment allowance Rs. 500 P.M 5) Hostel education allowance for three children Rs. 12,000 P.A 6) Bonus Rs. 12,000 P.A 7) HRA Rs. 5,000 P.M ( Rent Paid Rs. 6,500 at Delhi ) 8) Conveyance allowance Rs. 800 P.M ( 70% Personal Use) 9) Free gift to him fully automatic washing machine worth Rs. 25,000. 10) Profession tax paid by employee Rs. 1,000 PM