Please Ans my Tax Query...Its urgent

Richa Arora CA Final (article) (70 Points)

29 September 2009  

Q1)  Mr bajaj borrowed Rs 1000000 @ 12% p.a on 1-4-2008 & invested the amount on the same date in purchasing the shares of the following co. –

S ltd (domestic Co.)- 3000 shares @ 80/- each (face value-10/-).Co. declared dividend on 31-03-2009 @ 20%

P ltd (Foreign Co.)- 5000 shares @ 20/- each (face value-10/-).Co. declared dividend on 31-03-2009 @ 20%

M Co-operative soviety-Invested 300000/- as capital & recd. Dividend 50000/- on 31-03-2009

 

The balance money was used for personal purposes. Expenses on collection of dividend

From P Ltd. 1000/-.Compute taxable dividend for AY 2009-10.

 

Q2) Mr X died on 1 oct 2005 while being in Central Govt. services. In terms of rules governing his service, his wife is paid a family pension of 10000/- pm & D.A of 40% thereof.State whether the amount of family pension ia assessable in her hands, & if so, under what head of income. Can she claim any relief/decuction on such receipt? Compute taxable income for AY 2009-10.