NMIMS Taxation direct & indirect Solve Assignment June 2023

Description

NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Taxation- Direct and Indirect
Internal Assignment Applicable for June 2023 Examination
Q1. Mr. X sold a residential house property in June 2022 for a sale consideration of
₹75,00,000. The property was purchased by him in May 2010 for ₹35,00,000. He incurred
₹1,50,000 on stamp duty, registration and legal expenses related to the sale. Compute the
long-term capital gains, tax liability and the amount of investment to be made in specified
bonds to claim exemption under Section 54EC of the Income Tax Act, 1961.
(10 Marks)
For Theoretical Answer
Assessment Parameter Weightage
Introduction 20%
Concepts and Application
related to the question
60%
Conclusion 20%
For Numerical Answer
Assessment Parameter Weightage
Understanding and usage
of the formula
20%
Procedure / Steps 60%
Correct Answer &
Interpretation
20%
NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Taxation- Direct and Indirect
Internal Assignment Applicable for June 2023 Examination
Q2. “How do Double Taxation Avoidance Agreements (DTAAs) work in international
taxation and what are the key provisions of such agreements? Critically evaluate the
effectiveness of DTAAs in eliminating double taxation and promoting cross-border
investments.” (10 Marks)
Q3. A) Mr. X owns a house property in Mumbai. The details of the property are as
follows: (5 Marks)
The property is let out for residential purposes.
The annual rent received from the property is ₹3,00,000.
Municipal taxes paid during the year amounted to ₹20,000.
The interest on loan taken for the property was ₹1,80,000.
Compute the income from house property for Mr. X for the Assessment Year 2022-23.
Q3. B) Mr. A, a resident individual, gifted a residential house property to his wife, Mrs. B,
who is also a resident individual. The property generates an annual rent of ₹6,00,000. Mr.
A has no other income, while Mrs. B has an income from her profession of ₹5,00,000.
Compute the total taxable income of Mr. A and Mrs. B for the Assessment Year 2022-23,
considering the clubbing provisions of income.

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