Mr B aged 72 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.

Mr B aged 72 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.

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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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 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 health insurance f rupees 27000. Calculate his taxable income and tax liability.
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