Taxation- Direct and Indirect
April 2022 Examination

NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Taxation- Direct and Indirect
Internal Assignment Applicable for April 2022 Examination

1. Mr. Pradhan, an Australian citizen, comes to India for the first time during the previous year 2016-17. During the financial year 2016-17, 17-18, 2018-19, 2019-20 and 20-21 he was in India for 50 days, 55 days, 70 days, 80 days and for 140 days, respectively. Determine his residential status for the assessment year 2021-22 and discuss the applicable provision. (10 Marks)

2. Mr. Damman on his birthday purchased a residential property on 25th July 2018 for Rs 50 Lakhs and made some addition to the property in the month of September 2018 for Rs 3 lakhs.
He sold the house property in May 2020 to his brother-in-Law for 70 Lakhs. Out of the sale proceeds he spends 10 lakhs to purchase another house property in his home town Jhabua, in the month of October, 2020.
Discuss Section 54, also whether the benefit of indexation will be available or not as per Section 54.
Further, calculate the amount of capital gains taxable (long term / short term) in the hands of Mr. Damman for the assessment year 2021-22  (10 Marks)

3. Mrs. Sita is a housekeeping staff at JM Hospital. She receives basic salary at Rs30000 per month. She holds a house property in Nanded, the monthly rental received from the property is Rs 5ooo per month for 12 months. She paid Municipal taxes for the year Rs 1000.
She received Rs 35000 as an inflow from winnings from TV game show. Interest on income tax refund received is Rs 300.
She paid tuition fees to the Mumbai University for full time education of her daughter Rs 75000
She paid medical insurance premium for her mother, aged 69 years, for Rs 28000
She has taken loan for higher education of her daughter Rs 5lakhs. She pays to the Bank of Baroda, Interest on loan taken for higher education Rs25000

a. Compute the total income of Mrs. Sita, post deductions under Chapter VI A for the assessment year 2021-22 (5 Marks)

b. Discuss the relevant provisions of Chapter VI- Deductions, as applicable in the given case (5 Marks)
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