WHAT IS TAXABLE ?
This query is : Resolved
21 July 2010
MR. A GIFT A CAR(MARKET VALUE RS.5LACS) TO MRS. A AT
A. CONSIDERATION 6 LACS
B. CONSIDERATION 5 LACS
C. CONSIDERATION 4 LACS
D. WITHOUT CONSIDERATION
THAT CAR IS EMPLOYED BY MRS. A IN TAXI AND INCOME EARNED IS RS.5000
WHAT IS TAXABLE AMOUNT OF MR. X AND MRS. X
WILL THERE BE CLUBBING ?
PLEASE ANSWER POINT WISE
A. CONSIDERATION 6 LACS
B. CONSIDERATION 5 LACS
C. CONSIDERATION 4 LACS
D. WITHOUT CONSIDERATION
THAT CAR IS EMPLOYED BY MRS. A IN TAXI AND INCOME EARNED IS RS.5000
WHAT IS TAXABLE AMOUNT OF MR. X AND MRS. X
WILL THERE BE CLUBBING ?
PLEASE ANSWER POINT WISE
Shudhanshu Agrawal
(Expert)
21 July 2010
A. There will be STCG for Mr. A of Rs. 1Lac (I have assumed Rs 5L as book value of the car) and Rs 5000 in Mrs A income
B. Rs 5000 will be added in Mrs A income
C Rs 1L will be STCL for Mr A and Rs 4L will be actual cost for Mrs A and Rs 5000 will be her income.
D Rs 5000 will be added in Mr A income. In this part clubbing provision shall apply.
B. Rs 5000 will be added in Mrs A income
C Rs 1L will be STCL for Mr A and Rs 4L will be actual cost for Mrs A and Rs 5000 will be her income.
D Rs 5000 will be added in Mr A income. In this part clubbing provision shall apply.
CA Sanat Pyne
(Expert)
21 July 2010
agree with sudhansu ji, According to the question His answar is right.
But i dont know when there is a consideration then where is question of gift.
But i dont know when there is a consideration then where is question of gift.
Shudhanshu Agrawal
(Expert)
21 July 2010
I think his main query is related to gift thats why he mentioned gift in the beginning of the question
CA Sanat Pyne
(Expert)
21 July 2010
I think so.
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