IGNOU BCOC-136 December 2022 Previous Year Question Paper

Q1.(a) Explain the rules for derterming the residential status of an individual. 10

(b) Mr. Rakesh received the following emoluments from a_ private company during previous year 2020-21 : 5+5

(i) Salary @ * 8,000 p. m.

(ii) Dearness allowance @ 20% of salary G of it is under the terms of employment) ii) Bonus * 20,000

(iv) Commission on sale @ 5% (Sales > 250,000)

(v) House rent allowance @ * 2,000 p. m. Compute the taxable house rent allowance when he:

(a) resides in a rented house @ ° 2,200 p. m. in Agra.

(b) resides in a rented house @* 3,000 p.m. in Delhi.

Q2.Define Income from House Property as per Section 22 of Income Tax Act, 1961. 20 [3] BCOC

Q3.(a) What do you mean by Capital Gains ? Differentiate between long-term and short- term capital gains. 10

(b) Income of Shri Hemendra for the year ended 31st March, 2021 consists of the following : 10 @ Business profit (after setting off * 20,000 paid as donation to an educational institution and * 7,000 as deposit in National Savings Certificate) * 50,000

(ii) (20%) 1/5th share of profit from a registered firm (which has paid income tax) * 8,000

(iii) Interest on Govt. Securities (gross) * 10,000

(iv) Dividend on shares of foreign company (gross) * 5,000 Compute the total income of Shri Hemendra for A. Y. 2021-22. [4] BCOC

Q4.Define the term partnership and give essential features of partnership firm and also discuss in detail of partnership deed. (2+8+10)

Q5.M/s. Preeti gives the following particulars of her income for the previous year 2020-21. Compute her income from other sources :

Q6.Dividend on equity shares 600 di) Dividend on preference shares (Gross) 3,000

(ii) Income from letting on hire of building and machinery under one composite lease 25,000

(iv) Interest from Bank Deposits (Savings A/c) 14,000

(v) Director's sitting fees received 2,000

(vi) Ground rent 1,000

(vii) Income from Undisclosed Sources 15,000

(viii) Winning from lotteries (Gross) 10,000 The following deductions are claimed by her :

(a) Collection charges of dividend 50

(b) Allowable depreciation on building and machinery * 5,000

(c) Fire Insurance on _ building and machinery *

Q7.(a) Explain the features of ‘Bharat vs. Patel’ Judgement 2018. 10

(b) Explain the exemption u/s 54 of the Income Tax Act regarding capital gain in transfer of property used for residential purposes.

Q8.What do you mean by set off of losses ? Explain the provisions regarding set off of business and capital losses.

Q9.Write short notes on any four of the following : 4x5=20

(a) Pension

(b) Capital Gains Account Scheme, 1988

(c) Deduction in respect of Medical Insurance Premium (Section 80 D)

(d) Best Judgement Assessment (Section 144)

(e) Permanent Account Number (PAN) [7] 8000-36 [9] 8000-36 [10 ] 8000-36 [11] 8000-36 (ARI 80 D)