Tax Questions (Final Exam April 2024)

Mr. Mohit is employed with XY Ltd. In Gurgaon whose basic salary of 125000 p.m. He is also entitled to dearness allowance @100% of basic salary, 50% of which is included in salary as per terms of employment. The company gives him house rent allowance of 82500 per month for the year. He paid rent of 45000 per month from April to Feb and for the march he paid rent of 52500 Compute his taxable HRA for Mohit for the AY of 2024-2025.

Anirudh stays in New Delhi. His basic salary is Rs. 10,000 p.m., D.A. (60% of which forms part of pay) is Rs. 6,000 p.m., HRA is Rs. 5,000 p.m. and he is entitled to a commission of 1% on the turnover achieved by him. Anirudh pays a rent of Rs. 5,500 p.m. The turnover achieved by him during the current year is Rs. 12 lakhs. The amount of HRA exempt under section 10(13A), if he exercises the option of shifting out of the default regime provided under section 115BAC(1A), is

Ankita gets 250 ESOP’s in June of every year. Vesting period is 4 years. The current year is the third year. current Price of stock is 350. Under which head it will be taxable –

Rahul gets 100 ESOP’s in June of every year. Vesting period is 5 years. Vesting period is over and as on July’23 Rahul excecised his 500 shares and got the allotment. Current price of the stock is Rs. 210.What kind of tax liability it will bring to Rahul in AY 2024-2025.

MadhurJaya invested in unlisted shares of M/S Xyz Ltd. On 10 July 2018. He bought 500 shares

At a price of 150 per share later same organization issued unlisted bonds of face value of 1000 and gave

Discount of 50 Rs. Madhur Jaya acquired 1000 such bonds in November 2019. In August 2023

Madhrujaya sold all unlisted shares and bonds in 260 rs and 1100 Rs respectively. What will be his capital

Gain Tax liability from this sale proceed for the assessment year 2024-2025.

Simmi invested in unlisted shares of M/S Xyz Ltd. On 10 July 2018. He bought 500 shares

At a price of 150 per share later same organization issued unlisted bonds of face value of 1000 and gave

Discount of 50 Rs. Simmi acquired 1000 such bonds in November 2019. In August 2023

Madhrujaya sold all unlisted shares and bonds in 260 rs and 900 Rs respectively. What will be her capital?

Gain Tax liability from this sale proceed for the assessment year 2024-2025.

Your client invested in a short-term debt fund, growth option, having more than 65% allocation to debt securities. He invested Rs 5 lakh each in the same month “June” every year in 2019, 2020 and 2021 at the respective NAV of Rs 16.20, Rs 19.05 and Rs 20.10. If he redeemed the entire holding on 4th July 2023 at an NAV of Rs 21.873,

what would be the tax implication for AY2024- 25, considering that this will be the only capital gains transaction during the FY2023-23?

Mr. C purchases a house property for 1,06,000 on May 15, 1975. The following expenses are incurred by him for making addition/alternation to the house property:

a. Cost of construction of first floor in 1982-83 (3,10,000)

b. Cost of construction of the second floor in 2002-03 (7,35,000)

C. Reconstruction of the property in 2012-13 (5,50,000)

Fair market value of the property on April 1, 2001 is ₹ 8,50,000. The house property is sold by Mr. C on August 10, 2023 for₹ 68,00,000 (expenses incurred on transfer: 50,000). Compute the capital gain for the assessment year 2024-2025

Financial year 2001-02,2002-03,2012-13,2023-24 Cost Inflation Index 100,105,200,348