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1. Mr. Ankit Maroo has taken a house at the rent of 3000 per month and let out its tree
portions at the rent of 1200 per month each. The remaining portion is being used for
himself. He incurred the following expenses in connection with the house
i. Current repair 2000
ii. Insurance premium 1000
iii. Rent collection charges 500
iv. Electric, water, light etc. 2500
During the previous year 2014-15 he has also receives the following incomei. Wining from horse race 4000.
ii. Loss from cards 1000.
iii. Interest deposited on P.O. 5 years recurring deposit account 1765.
iv. Gifts received
a. Received 20000 as gift on birthday from his friend.
b. Received 100000 as gift from his elder brother.
c. Received 140000 as gift on marriage from his friends.
d. Received 80000 as gift from has N.R.I friend.
e. Another gift of Rs. 18000 received from his friend.
Compute income from other source.
2. A plot (1,500 Sq. feet) was sold by an Assessee @ Rs.280 per Sq. feet on 1st Dec. 2014.
Brokerage paid 2%. The plot was purchased by her on 15th may 1995 @Rs. 45 per Sq.
feet. Registration charges were made 10%. She invested RS. 1,00,000 on 1st may 2015
for 3 year redeemable bond issue by national highway authority of India and Rs. 2,00,000
in a public issue of Tata consultancy service Ltd. Compute taxable capital gain. Cost
index for 1995-96 (281) and 2014-15 (1024).
3. Are the following payments allowed in computation of income from business or
i. Gift to employee on Deepawali 3,000
ii. Labour welfare expenses 6,300.
iii. Contribution to labour welfare fund 8,000
iv Donation to a recognized college 5,000
v. Contribution to approved National laboratory for scientific research 7,000.
Give reason in support of your answer:4. Mr. Shree Kant Govarikar is owner to two house of Nasik. The First house, Municipal
valuation of which is 2,25,000 per annum, is occupied for self residence and the second
house, Municipal valuation of which is1,40,000 was let out for residential purpose at the
rent of 14,250 per month. The following expenses were made for the houses.First House
Second House
Date of Completion

Municipal Tax
Ground Rent
Interest on loan for construction
Fire Insurance premium
Collection charges
Assuming that the second house has remained vacant for 4 month and his other income
was 2, 90,700. Find out income house property for the assessment year 2015-16.
5. Discuss the following deductions.
(a) Deduction for tax on Profession
(b) Deduction for entertainment allowance
6. Defines the term Income. Distinguish between gross total income and total income.
7. How is the residential status of an Assessee determined for income tax purposes? Discuss
the influence of residence on tax liability.
8. How and how much shall be taxable the amount received as gift?
9. Write notes
1. Maintenance of accounts.
2. Compulsory audit of accounts
3. Deemed profits.
10. An employee receives basic salary Rs.78, 000, dearness allowance Rs. 17,000. City
compensatory allowance Rs. 12,000 and commission Rs. 15,000. The employer and
employee each contribute 15% of salary to provident fund. Calculate taxable contribution
to provident fund if provident fund is- (a) Recognized, (b) Unrecognized (c) Statutory.