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CA IPCC : Sample / Mock Test Paper - TAXATION 2011

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CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi
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PAPER 4 : TAXATION Answer all questions PART - I 1. Following are the details of income provided by Mr. Ramaswamy for the year ending 31.3.2009: (i) Rental income from property at Chennai - Rs.5,00,000, Municipal Value Rs.4,00,000; Standard Rent - Rs.3,50,000, Fair Rent Rs.3,00,000. (ii) Municipal and water tax paid to Municipality, Current year - Rs.40,000, Arrears Rs.1,60,000. (iii) Interest on loan borrowed towards major repairs to the property Rs.1,40,000 (iv) Arrears of rent from property at Hyderabad which was sold on 10.04.2005 Rs.25,000 Mr. Ramaswamy furnishes the following additional information regarding sale of a property in Delhi: (i) Mr. Ramaswamy s father acquired a property in April 1988 for Rs.40,000. Mr. Ramaswamy acquired this property by inheritance on 1st December 1988 after the demise of his father. (ii) Fair Market Value as on 01.04.1981 was Rs.15,000. (iii) Fair Market Value as on 12.12.1988 was Rs.45,000. (iv) Sale consideration received is Rs.40,00,000. (v) Stamp duty charges paid by the purchaser at the time of registration @ 13% is Rs.6,50,000 without any protest. (vi) Mr. Ramaswamy has invested the sale consideration in a residential flat for Rs.25 lakhs out of the sale proceeds. A sum of Rs.20 lakhs was invested in Capital Gains Bonds issued by NHAI and Rural Electrification Corporation Limited. Compute the total income and tax payable thereon by Mr. Ramaswamy for the assessment year 2009-10. [Cost Infl ation Index (CII): F.Y.2008 -09: 582, F.Y.1988 -89: 161] Rs. Municipal taxes paid 55,000 Insurance premium 8,000 Interest on money borrowed 25,000 15

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Chartered Accountancy (ICAI India) : Integrated Professional Competence Course (IPCC) - Model / Mock Test Paper for Taxation Group I Paper 4


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