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DRIVE-
SUMMER 2015
PROGRAM-
BBA
SEMESTER-
V
SUBJECT
CODE & NAME
BBA504
&
TAXATION
MANAGEMENT
Qus:1
Ms. Sonam has returned from Geneva and desires to buy house properties in
India. Advise her regarding the basis of charge on “Income from House
Property”.
Ms.
Sonam also wants to be advised about the extant rules regarding residential
status vis-a-vis the charges on income as she plans to permanently settle down
in India. Advise Ms. Sonam.
·
Basis
of charge on Income from House property
·
Rules
governing the residential status and taxability
Answer:
Basis
of charge on Income from House property:
According to the Indian
Income Tax Act, if a person (resident or NRI) owns more than one house
property, only one of them will be deemed as self-occupied. There will be no
income tax on a self-occupied property. The other one, whether you rent it out
or not, will be deemed to be given on
Qus:2
Mr. Y sells the following capital assets during the previous year 2012-13 :
|
Non listed Shares
|
House property
|
||
|
Rs.
|
Rs.
|
||
|
Sale
consideration
|
24,00,000
|
6,80,000
|
|
|
Year
of acquisition
|
1992-93
|
1985-86
|
|
|
Cost
of acquisition
|
2,90,000
|
18,000
|
|
|
Cost
of improvement incurred during 1991-92
|
--
|
70,000
|
|
Given
the cost inflation index during the previous years – 1981-82 :Rs. 100; 1985-86
: Rs. 133; 1991-92 : Rs. 199; 1992-93 : Rs. 223 and 2012-13 : Rs. 852 compute
the income under the head Capital gains.
·
Compute
Income under the head ‘Income from Capital Gains”
Answer:
Compute
Income under the head ‘Income from Capital Gains”:
Any Income derived from a Capital asset movable or immovable
is taxable under the head Capital Gains under Income Tax Act 1961. Cost
inflation index ( capital gain index ) is useful to calculate long term capital
gain. Indexation can help you to save long term capital gain.Here I present
table of index for financial year
Qus:3
Enumerate the concept of Fringe Benefit Tax (FBT). What are the salient
features of FBT ? What are the provisions governing Advance tax under section 2
(l) ?
·
FBT
and its salient features
·
Provisions
of Advance tax under section 2(1)
Answer:
FBT
and its salient features:
The term ‘fringe
benefits’ means ‘any consideration for employment provided by way of any
privilege, service, facility or amenity provided by the employer to the
employees’. Fringe Benefit Tax is to be levied on the employer in respect of
fringe benefits provided/deemed to be provided by the employer to his employees
during any financial year commencing on or after 1st April 2005. Fringe
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