is earned in the previous year 2020-21. (1) Salary received from Govt. of India (He lived in America for thre

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 20DQ
icon
Related questions
Question

Following Incomes are related with Mr. Devansh which

is earned in the previous year 2020-21.

(1) Salary received from Govt. of India (He lived in

America for three months due to his service

and received salary for such period there)

`26,00,000

(2) Interest from foreign company received in

America and deposited in a bank there

`20,000

P.T.O.

[4]

F- 3053

(3) Income from House property in India received

in America. `10,000

(4) Interest on debentures from an Indian company

received in America and spent there. `15,000

(5) Income was earned in America and received

there but brought in India. `18,000

(6) Income from business in Mumbai controlled

from America. `22,000

(7) Income from business in America (controlled

from Delhi Head Office). `10,000

(8) His brother sent gift to him from New York.

`10,000

Calculate his gross total income if he is a:

(A) Ordinary residence

(B) Not-Ordinary residence, and

(C) Non-residence

Following Incomes are related with Mr. Devansh which
is earned in the previous year 2020-21.
(1) Salary received from Govt. of India (He lived in
America for three months due to his service
and received salary for such period there)
26,00,000
(2) Interest from foreign company received in
America and deposited in a bank there
20,000
Transcribed Image Text:Following Incomes are related with Mr. Devansh which is earned in the previous year 2020-21. (1) Salary received from Govt. of India (He lived in America for three months due to his service and received salary for such period there) 26,00,000 (2) Interest from foreign company received in America and deposited in a bank there 20,000
(3) Income from House property in India received
in America.
10,000
(4) Interest on debentures from an Indian company
received in America and spent there. 15,000
(5) Income was earned in America and received
there but brought in India.
18,000
(6) Income from business in Mumbai controlled
from America.
22,000
(7) Income from business in America (controlled
from Delhi Head Office).
10,000
(8) His brother sent gift to him from New York.
10,000
Calculate his gross total income if he is a:
(A) Ordinary residence
(B) Not-Ordinary residence, and
(C) Non-residence
Transcribed Image Text:(3) Income from House property in India received in America. 10,000 (4) Interest on debentures from an Indian company received in America and spent there. 15,000 (5) Income was earned in America and received there but brought in India. 18,000 (6) Income from business in Mumbai controlled from America. 22,000 (7) Income from business in America (controlled from Delhi Head Office). 10,000 (8) His brother sent gift to him from New York. 10,000 Calculate his gross total income if he is a: (A) Ordinary residence (B) Not-Ordinary residence, and (C) Non-residence
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Computation of Taxable Income
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
Accounting
ISBN:
9780357391129
Author:
WHITTENBURG
Publisher:
Cengage