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2009 Computation of taxable income

Q. 1 A.Y. 2009-10

Profits and gains from business or profession


Profit as per P&L A/c 210,000

Add :
Disallowance u/s 40A(3) 100,000
Life insurance premium for self 20,000
Interest on proprietor's capital 45,000
Purchase of lottery tickets 1,000
Income tax paid 10,000
Son's school fees 10,000
Wealth tax 5,000
Sales tax penalty 4,000
Depreciation as per books 30,000 225,000
435,000

Less :
Depreciation as per Income tax 35,000
Income tax refund 15,000
Dividend from co-operative bank 30,000
Gift from mother - exempt u/s 56(2)(vii) 10,000
Lottery prize - taxable under IOS 100,000 190,000 245,000

Income from other sources


Dividend from co-op. bank 30,000
Lottery prize 100,000 130,000
Gross Total Income 375,000

Less : Deductions under Chapter VIA


Sec. 80C - Life insurance premium 20,000
Sec. 80C - Son's school fees 10,000 30,000
Sec. 80U 50,000 80,000
Taxable income 295,000
2009 Computation of capital gains
Q. 2 A.Y. 2009-10

Asset : Residential house


POH : Aug. 1, 1981 to Feb. 1, 2009
Long term

Sale consideration 2,500,000


Less : Brokerage 75,000 2,425,000

Less :
Indexed COA
Rs.3,00,000*582/100 1,746,000

Indexed COI
Rs.1,00,000*582/116 501,724 2,247,724
Taxable capital gains 177,276
2009 Computation of taxable income
Q. 4 AY 2009-10

Income from house property


SOP LOP

Gross Annual value - 114,000


Less : Municipal taxes - 9,000
Net annual value - 105,000
Less : Standard deduction - 31,500
- 73,500
Less : Interest 12,500 16,000
Income from house property -12,500 57,500

Net income from house property 45,000

Less : Deductions under Chapter VIA


S. 80C - Repayment of loan 25,000
Taxable income 20,000

Notes :

1 Since actual rent of LOP > municipal rateable value, actual rent = GAV

2 Following expenses cannot be claimed as a deduction whilst computing


Income from House property :
Fire insurance premium
Ground rent
Cost of water proofing
Repayment of principal amount of loan
Payment to sister as per father's will