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Taxable income and tax liability??

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megha agrawal

1 Points Posted on 29 May 2021

Mr B aged 52 years, has earned rupees 75,00,000 out of his business His ex- wife gifted him a car worth rupees 8 lakh. He spent a total of rupees 20 lakh during a family trip. He won a lottery of 16 lakh rupees. Out of happiness he gifted his wife a diamond set of rupees 450000. He bought a life insurance policy and paid a premium of 55000 annually. He paid tuition fee for his daughter for rupees 50000. He invested rupees 80000 in PPF. One of his existing life insurance policy got matured and he received a total of rupees 35 lakh. Seeing his health conditions the doctor adviced him a medical test of rupees 7000 and after which he bought health insurance for rupees 28000. Calculate his taxable income and tax liability.

Replies (2)

Quick Summary

This discussion explores the calculation of taxable income and tax liability for Mr B, who has various financial transactions including business earnings, a gift from his ex-wife, lottery winnings, and investments. The thread aims to determine his overall tax obligation by considering different income sources and potential deductions.

Sivaramaraju G

Learner

2398 Points Posted on 30 May 2021

Such a good question covers many provisions of taxation.

I have a question gift from ex-wife?? If so I think it will taxable. because she is not a relative to assessee. she was relative once but not now.