EX.56,Ex.57 and Ex.66
EX.56,Ex.57 and Ex.66 -Problems and Solutions on Income From Others Source
EX.56. Calculate income from
other source from the following details:
|
|
Rs. |
|
i.
Dividend on equity shares
ii.
Dividend on preference shares
iii.
Income from letting of building and machinery
iv.
Interest on bank deposits
v.
Director’s fees
vi.
Ground rent vii.
Undisclosed income viii.
Lottey income (Gross)
ix.
Advance money received from forfeited during negotiations to sell a
capital assets: Rs.70,000 during 2024-25. During
2024-25, he claims the following deductions Depeciation
on building:Rs.4,000; Insurance on Machinery:Rs.100 |
600 3,200 17,000 2,500 1,200 600 10,000 10,000 |
Solution:
Computation of Income from
Other Sources of Ms.Archana for A.Y.2025-26
|
|
|
Rs. |
Rs. |
|
1 |
Dividend
on equity shares |
|
600 |
|
2 |
Dividend on
preference shares |
|
3,200 |
|
3 |
Income
from letting of building and machinery Less:
Depreciation & Insurance- |
17,000 4,100 |
12,900 |
|
4 |
Interest
on bank deposits |
|
2,500 |
|
5 |
Director’s
fees |
|
1,200 |
|
6 |
Ground
rent |
|
600 |
|
7 |
Undisclosed
income |
|
10,000 |
|
8 |
Lottey
income (Gross) |
|
10,000 |
|
9 |
Advance
money received from forfeited during negotiations to sell a capital assets:
Rs.70,000 during 2024-25. |
|
70,000 |
|
|
Total Income From Other Sources |
|
1,11,000 |
EX.57. Calculate income from
other source of Vignesh from the following details:
|
|
Rs. |
|
i.
Director’s Fees
ii.
Income from agricultural land in Sri Lanka
iii.
Ground rent for land in Mysore
iv.
Interest on post office saving bank a/c
v.
Interest on deposit with IDFC
vi.
Dividend from foreign company vii.
Rent from house (sub-let) viii.
Rent paid by Mr.Vignesh(on the sub-let house)
ix.
Winnings from Horse race
x.
Interest on securities |
2,000 5,000 10,000 100 500 700 26,250 13,000 12,300 4,000 |
Solution:
Computation of Income from
Other Sources of Ms.Archana for A.Y.2025-26
|
|
|
Rs. |
Rs. |
|
1 |
Director’s Fees |
|
2,000 |
|
2 |
Income from agricultural land in Sri Lanka |
|
5,000 |
|
3 |
Ground rent for land in Mysore |
|
10,000 |
|
4 |
Interest on post office saving bank a/c(exempt upto Rs.3,500) |
|
Nil |
|
5 |
Interest on deposit with IDFC |
|
500 |
|
6 |
Dividend from foreign company |
|
700 |
|
7 |
Rent from house (sub-let) |
26,250 |
|
|
8 |
Rent paid by Mr.Vignesh(on the sub-let house) |
13,000 |
13,250 |
|
9 |
Winnings from Horse race |
|
12,300 |
|
|
Interest
on securities |
|
4,000 |
|
|
Total Income From Other Sources |
|
57,750 |
|
|
|
i.
Rs.31,840,10% tax free commercial securities
ii.
Rs.6,286 received as interest on tax-free Public Ltd., Co., securities
(listed)
iii.
Rs.3,592 received as interest on Deepak Fertiliser(listed)
iv.
Dividend received Rs.9,000 (net) from Indian company
v.
Amount received from Karnataka Lottery Prize Rs34,700
vi.
Directors’ fees received Rs.4,000 vii.
Royalty income by writing books Rs.40,000(Expensed claimed allowed
Rs.40,000) viii.
Family Pension received |
Solution:
Computation of Income from
Other Sources of Mr.Aswin for A.Y.2025-26
|
|
|
Rs. |
Rs. |
|
1 |
10% tax free commercial securities(always
grossed up) |
(31,840x10/100 |
3,438 |
|
2 |
Interest on tax free Public
Ltd.,securities |
|
6,984 |
|
3 |
Interest on Deepak Securities |
|
3,991 |
|
4 |
Dividend received from Indian company(9,000/90)x100 |
|
10,000 |
|
5 |
Amount received from Lotter(Net)
34,700/70x100 |
|
49,571 |
|
6 |
Director’s fees |
|
4,000 |
|
7 |
Royalty
Received from witting books Less:
Expenses |
40,000 4,000 |
36,000 |
|
8 |
Family
Pension Less:
Deduction Rs.15,000 1/3 of 36,000=
12,000 which is less |
36,000 12,000 |
24,000 |
|
|
Total Income from Other Sources |
|
1,38,084 |
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