NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Taxation- Direct and Indirect
Internal Assignment Applicable for December 2024 Examination
Assignment Marks: 30
Instructions:
ï‚· All Questions carry equal marks.
ï‚· All Questions are compulsory
ï‚· All answers to be explained in not more than 1000 words for question 1 and 2 and for
question 3 in not more than 500 words for each subsection. Use relevant examples,
illustrations as far as possible.
ï‚· All answers to be written individually. Discussion and group work is not advisable.
ï‚· Students are free to refer to any books/reference material/website/internet for
attempting their assignments, but are not allowed to copy the matter as it is from the
source of reference.
ï‚· Students should write the assignment in their own words. Copying of assignments from
other students is not allowed
ï‚· Students should follow the following parameter for answering the assignment questions
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)
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. (5 Marks)
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