Topic :- Income of other Persons included in Assessee’s Total Income
#Q.1) Mr. A holds shares carrying 25% voting power in X Ltd. Mrs. A is working as a computer software programmer in X Ltd. at a salary of Rs.30,000 p.m.
She is, however, not qualified for the job. The other income of Mr. A & Mrs. A are Rs. 7,00,000 & Rs.4,00,000, respectively.
Compute the gross total income of Mr. A and Mrs. A for the A.Y.2019-20.-15 Marks
#Q.2) Mr. B holds shares carrying 30% voting power in Y Ltd. Mrs. B is working as accountant in Y Ltd. getting income from salary (computed) of Rs. 3,44,000 without any qualification in accountancy.
Mr. B also receives Rs. 30,000 as interest on securities.
Mrs. B owns a house property which she has let out. Rent received from tenants is Rs. 6,000 p.m.
Compute the gross total income of Mr. B and Mrs. B for the A.Y. 2019-20.-15 Marks
#Q.3) Mrs. Kasturi transferred her immovable property to ABC Co. Ltd. subject to a condition that out of the rental income, a sum of Rs.36,000 per annum shall be utilized for the benefit of her son’s wife.
Mrs. Kasturi claims that the amount of Rs.36,000 (utilized by her son’s wife) should not be included in her total income as she no longer owned the property.
Examine with reasons whether the contention of Mrs. Kasturi is valid in law.
#Q.4) Mr. Sharma has four children consisting 2 daughters and 2 sons. The annual income of 2 daughters were Rs. 9,000 and Rs. 4,500 and of sons were Rs. 6,200 and Rs. 4,300, respectively.
The daughter who has income of Rs. 4,500 was suffering from a disability specified under section 80U.
Compute the amount of income earned by minor children to be clubbed in hands of Mr. Sharma.