Sahil (CA FINAL) (182 Points)

05 November 2009  

Income tax problem

Please compute the income from PGBP anf other sources the folllowing case for the year ended 31.03.2008:

Mr Rajesh is engaged in the business of retail trade for which sales amounted to Rs 10,00,000/-. His father was engaged in the business of electronic goods. His father died in 2003-2004. During the year he received Rs 10,000/- from a customer relating to his father’s business.

Please state whether the income from father’s business will be treated as PGBP Income or OS and does it has any relevance with the fact that the assessee is already engaged in business of his own.I mean if the income is treated as PGBP will it still be treated in the same manner if the assessee was not engaged in any business activity.please give sectional refernce if possible.