IGNOU BCOC-136 June 2025 Previous Year Question Paper

Q1.(a) What are the different categories into which the assessee is divided on the basis of residence ? How are they taxed under Income Tax Act ? 10

(b) "The income of the previous year is taxed in the current year." Explain. Also discuss its exemption.

Q2.(a) What are the provisions of income tax related to house rent allowance? 10

(b) Define annual value and state the deductions that are allowed from the annual value in computing the income from house property.

Q3.(a) What do you mean by Clubbing of Income ? In what circumstances is the income of one person treated as income of another ? 10

(b) Mr. Vishesh, who is not covered by the Payment of Gratuity Act, 1972, receives a gratuity of = 5,76,000, when he retires on 28rd June, 2023 after a service of 34 years 9 months and 23 days. His last drawn emoluments are as follows : 10 Basic salary % 30,000; Dearness allowance = 7,200 p.m. (Fixed). Annual increment in basic salary = 1,200 p.m. falls due on 1st January every year. What amount of gratuity is exempt from tax in the assessment year 2024-25 ?

Q4.The following are the particulars of Shri Apoorva for the A.Y. 2024-25. Compute the taxable income : 20 (@ Income from house property (computed) 25,000

(i) LTCG on building 30,000

(ii) Winning from lottery 80,000

(iv) Life insurance premium paid 1,000

(v) Interest on Govt. securities 12,000

(vi) Income from cloth business —_1,25,000

(vii) Profit from business of growing mushrooms 40,000

(viii) Profit from business of dairy farming 15,0

(00)

Q5.CA Pawan owns a house of which 50% portion is let out for the purpose of residence at ~ 4,400 per month. 25% portion is used by him for his profession and remaining 25% portion is used for his residence. From the following particulars, find out annual value of the house property :

Q6.Municipal valuation = 60,000 Gi) Fair rent = 70,000

(iii) Municipal taxes 10%

Q7.(a) Explain necessary conditions for income to be chargeable under the head ‘Profit and gains of Business or Profession.’ 10

(b) Discuss the provisions of the Income Tax Act regarding exemption of capital gains u/s 54F.

Q8.Mr. Shankar Lal’s income particulars are as under : 20 @ He took a house on the rent of % 1,000 per month and let it out again for = 1,600 per month. Besides, he received % 5,000 rent from his ownership house.

(ii) Dividend from an Indian Company % 4,000 (Gross).

(ii) Speculation business profit = 6,000 and = 500 from cricket gambling.

(iv) Agricultural income in Sri Lanka % 10,000 was not brought in India. = 18,000 income from agricultural land situated at Kanpur.

(v) Salary as an M.L.A. % 30,000 and Daily Allowances हैं 4,000.

(vi) Share in HUF income हैं 8,500.

(vii) Dividend received = 6,000 from Co- operative Society. Compute Income from Other Sources.

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

(a) Deduction under Section 80G

(b) Agriculture income and _ Partly Agricultural income

(c) Bondwashing transactions

(d) Transfer of capital asset

(e) ITR1 Form

(f) Rent free accommodation ₹ 8,5001 Transactions)