50000. He bought a life insurance policy and paid a premium of 50000 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 32 lakh. Seeing his health conditions the doctor adviced him a medical test to purchase Health Insurance of rupees 6000 following which he bought health insurance f rupees 27000. Calculate his taxable income and tax liability.

50000. He bought a life insurance policy and paid a premium of 50000 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 32 lakh. Seeing his health conditions the doctor adviced him a medical test to purchase Health Insurance of rupees 6000 following which he bought health insurance f rupees 27000. Calculate his taxable income and tax liability.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 41P

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Similar questions

Ellie purchases an insurance policy on her life and names her brother, Jason, as the beneficiary. Ellie pays 32,000 in premiums for the policy during her life. When she dies, Jason collects the insurance proceeds of 500,000. As a result, how much gross income does Jason report?
Carlos opens a dry cleaning store during the year. He invests 30,000 of his own money and borrows 60,000 from a local bank. He uses 40,000 of the loan to buy a building and the remaining 20,000 for equipment. During the first year, the store has a loss of 24,000. How much of the loss can Carlos deduct if the loan from the bank is nonrecourse? How much does Carlos have at risk at the end of the first year?
Mr B aged 63 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him cash worth rupees 6 lakh. He spent a total of rupees 15 lakh during a family trip. He won a lottery of 19 lakh rupees. Out of happiness he gifted his wife cash of rupees 450000. He bought a life insurance policy and paid a premium of 50000 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 32 lakh. Seeing his health conditions the doctor adviced him a medical test to purchase Health Insurance of rupees 6000 following which he bought a health insurance for rupees 27000. Calculate his taxable income and tax liabili
Mr B aged 63 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him cash worth rupees 6 lakh. He spent a total of rupees 15 lakh during a family trip. He won a lottery of 19 lakh rupees. Out of happiness he gifted his wife cash of rupees 450000. He bought a life insurance policy and paid a premium of 50000 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 32 lakh. Seeing his health conditions the doctor adviced him a medical test of rupees 6000 following he bought a health insurance for rupees 27000. Calculate his taxable income and tax liabilities.
Mr B aged 63 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him cash worth rupees 6 lakh. He spent a total of rupees 15 lakh during a family trip. He won a lottery of 19 lakh rupees. Out of happiness he gifted his wife cash of rupees 450000. He bought a life insurance policy and paid a premium of 50000 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 32 lakh. Seeing his health conditions the doctor adviced him a medical test to purchase Health Insurance of rupees 6000 following which he bought a health insurance for rupees 27000. Calculate his taxable income and tax liability.
Mr B aged 63 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him cash in an account worth rupees 6 lakh. He spent a total of rupees 15 lakh during a family trip. He won a lottery of 19 lakh rupees. Out of happiness he gifted his wife cash of rupees 450000. He bought a life insurance policy and paid a premium of 50000 annually. He paid the tuition fee for his daughter for rupees 50000. He invested rupees 80000 in PPF. One of his existing life insurance policies got matured and he received a total of rupees 32 lakh. Seeing his health conditions the doctor advised him a medical test of rupees 6000 following which he bought a health insurance for rupees 27000. Calculate his taxable income and tax liability.
Mr B aged 63 years, has earned rupees 85,00,000 out of his business . His ex- wife gifted him a car worth rupees 6 lakh. He spent a total of rupees 15 lakh during a family trip. He won a lottery of 19 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 50000 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 32 lakh. Seeing his health conditions the doctor adviced him a medical test of rupees 6000 following he bought a health insurance for rupees 27000. Calculate his taxable income and tax liability.
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 a health insurance for rupees 28000. Calculate his taxable income and tax liability under income tax act 1961 (india)