QUESTION: 185 Exam Topic: 2, Volume B

A salaried individual, aged 45 years, was awarded a car of market value Rs. 6,50,000 by his credit card company in a draw on 20th December 2012. There was no TDS by the company. He has total income from salary of Rs. 8,45,000 in the previous year 2012-13. He saved a total of Rs. 1,80,000 under different investment instruments eligible for exemption u/s 80C and Rs. 25,000 was paid by him on 5th January, 2013 towards his health insurance policy. Find his tax liability for AY2013-14.

Rs. 2,77,070/-
Rs. 2,79,130/-
Rs. 2,60,590/-
Rs. 78,280/-

Answer(s): B

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QUESTION: 186 Exam Topic: 2, Volume B

A trust is created by a son, the Settlor, for the survival expenses of his retired parents each having equal beneficial interest. Both husband and wife have separate fixed pension of Rs.35,000 per month and Rs. 20,000 per month respectively. The trust property has generated a net annual value of Rs. 5.12 lakh in the previous year 2012-13. The trustee as well as the Settlor is in the 30% tax bracket. Find the tax payable by the trustee as representative assessee.

Rs. 79,100/-
Rs. 33,370/-
Rs. 1,58,210/-
Rs. 70,860/-

Answer(s): D

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QUESTION: 187 Exam Topic: 2, Volume B

Your client, a businessman has a house worth Rs. 2.1 crore and a farm house worth Rs. 85 lakh. His business is worth Rs. 10 crore as per last balance sheet. He has two other partners in the business having stakes of 24% each. He has two cars purchased at Rs. 40 lakh and Rs. 20 lakh, the latter being in personal account. The cars have depreciated/market value at Rs. 30 lakh and Rs. 8 lakh respectively. His joint Demat account, wife being primary holder, has stocks worth Rs. 1.65 crore. The business has taken Keymans insurance on his life of value Rs. 1.5 crore. He has himself insured his life for an assured sum of Rs. 1.5 crore. You evaluate your client's estate in case of any exigency with his life as _____.

Rs. 8.20 crore
Rs. 9.56 crore
Rs. 10.51 crore
Rs. 5.73 crore

Answer(s): C

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QUESTION: 188 Exam Topic: 2, Volume B

X owns a piece of land situated in Varanasi (Date of acquisition : March 1, 1983, Cost of acquisition Rs. 20,000/- value adopted by Stamp duty authority at the time of purchase Rs. 45,000/-).On March

30, 2012 the piece of land is transferred for 4 lakh. Find out the capital gains chargeable to tax if the value adopted by the Stamp duty authority is 5.5 lakh. X does not dispute it. [CII-12-13: 852,11-12:
785,10-11:711]

Rs. 4,05,963/-
Rs. 3,45,963/-
Rs. 3,80,963/-
Rs. 4,15,963/-

Answer(s): A

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QUESTION: 185 Exam Topic: 2, Volume B

QUESTION: 186 Exam Topic: 2, Volume B

QUESTION: 187 Exam Topic: 2, Volume B

QUESTION: 188 Exam Topic: 2, Volume B