Ms. Saline received interest on enhanced compensation of ₹ 5,00,000. Out of this interest, ₹ 1,50,000 relates to the previous year 2022-23, ₹ 1,90,000 relates to previous year 2019-20 and ₹ 1,60,000 relates to previous year 2023-24. She paid ₹ 1 lakh to her advocate for his efforts in the matter. What amount would be taxable in P.Y. 2023-24 and taxable, if any, under which head of income.
Pankaj gifted an amount of Rs 3,00,000 to his wife, Pinky and ₹ 2,00,000 to his daughter, Rink aged 20 years, on 1st April 2020. Both Pinky and Rinky invested the amounts on the same date in Government of India 11% Taxable Bonds. The interest accrues yearly and is reinvested in the same bonds. Determine what will be the amount taxable in hands on Pinky for A.Y. 2024 -25?
Neeraj was working as an accountant with the company Umali Ltd. He died on 30.04.2023 and on account of his death, his wife Neha started receiving a pension of ₹ 10,000 per month i.e. 01.06.2023. Determine under which head of income, the pension received by Neha during F.Y. 2023-24 shall be taxable. Also, compute the taxable amount in her hands.
Mrs. Gupta, resident in India, holds many equity shares of reputed domestic companies. During the previous year 2023-24, total dividend earned by her is ₹11,00,000. She is of the belief that dividend income earned by her is tax free. She approaches you to assist her in filing her income tax return. As her tax consultant, will you advise her that any dividend income earned by her is tax free?
Mr. X receives the following gifts during the previous year 2023-24:
· On 20.09.2023, he gets a gift of ₹7,00,000 from his grandmother.
· On 30.12.2023, he gets by way of gift a commercial flat from the elder brother of his father-in-law (stamp duty value is ₹25,00,000).
· On 20.01.2024, he gets a wrist watch by gift from his friend B (Fair market value: ₹1,00,000).
On 10.02.2024, he gets by way of gift a plot of land in Pune from a partnership firm. The partnership firm has only two partners- father of Mr. X and MRS. X. The stamp duty value of the plot of land is ₹19,00,000. Compute the amount chargeable to tax in the hands of X under the head “Income from other sources” for the A.Y. 2024-25.
APM Ltd. is a pioneer company in textile industry. At the end of F.Y. 2023-24, it decided to distribute deposit certificates (without interest) to its shareholders (preference as well as equity shareholders). Total value of accumulated profits of APM Ltd. was ₹ 25 lakhs. Mr. A is an equity shareholder of APM Ltd. holding 10% of share capital. During F.Y. 2023- 24, Mr. A received deposit certificates (without interest) valuing ₹ 5,00,000 from APM Ltd.
Comment upon taxability of receipt of deposit certificates in the hands of Mr. A.
Mr. Vikas received a gold ring worth ₹ 60,000 on the occasion of his daughter’s wedding from his best friend Mr. Vishnu. Mr. Vishnu also gifted a gold chain to Kavya, daughter of Mr. Vikas, worth ₹ 80,000 on the said occasion. Would such gifts be taxable in the hands of Mr. Vikas and Ms. Kavya ?