1. Where a closely held company gives any loan/advance to a shareholder who has 10% voting power in the company or to a concern in which such shareholder has 20% profit share in case such concern is a non-corporate assessee or has substantial interest (ie, 20% voting power) in case it is a company, then loan/advance so paid shall be deemed as dividend to the maximum extent of:
1 out of 10
3. Mr Kashyap has acquired a building from his friend on 10.10.2024 for ₹ 15,00,000. SDV of the building on the date of purchase is ₹ 16,20,000. Income chargeable to tax in the hands of Mr Kashyap is:
3 out of 10
4. Mr Harish, aged 40 years, earned income of ₹ 15,000 during PY 2024-25 from post office savings bank account. What portion of such income would be ultimately included in his total income?
4 out of 10
5. APM Ltd is a pioneer company in textile industry. At the end of FY 2024-25, it distributed deposit certificates (without interest) to its shareholders (preference as well as equity shareholders). Total value of accumulated profits of APM Ltd was ₹ 25L. Mr A is an equity shareholder of APM Ltd holding 10% of share capital. During FY 2024-25, Mr A received deposit certificates (without interest) valuing ₹ 5L from APM Ltd. Comment upon taxability of receipt of deposit certificates in the hands of Mr A.
5 out of 10
6. Mr X, aged 61 years, received dividend of ₹ 12L from ABC Ltd in PY 2024-25. Interest on loan taken for the purpose of investment in ABC Ltd, is ₹ 3,00,000. Income included in the hands of Mr X for PY 2024-25 would be:
6 out of 10
7. Mr Vikas transferred 600 unlisted shares of XYZ (P) Ltd to ABC (P) Ltd on 15.6.2024 for ₹ 3,50,000 when the market price was ₹ 5,15,000. The indexed cost of acquisition of shares for Mr Vikas was computed at ₹ 4,25,000. Determine the income chargeable to tax in the hands of Mr Vikas and ABC (P) Ltd in respect of the above transaction.
7 out of 10
8. Neeraj was working as an accountant with the company Ujala Ltd. He died on 30.04.2024 and on account of his death, his wife Neha started receiving a pension of ₹ 10,000 per month w.e.f. 01.06.2024. Determine under which head of income, the pension received by Neha during FY 2024-25 shall be taxable. Also, compute the taxable amount in her hands.
8 out of 10
9. Ms Shalini received interest on enhanced compensation of ₹ 5L. Out of this interest, ₹ 1.5L relates to PY 2022-23, ₹ 1.9L relates to PY 2023-24 and ₹ 1.6L relates to PY 2024-25. She paid ₹ 1L to her advocate for his efforts in the matter. What amount would be taxable in PY 2024-25 and taxable, if any, under which head of income?
9 out of 10
10. Mr Vikas received a gold ring worth ₹ 60,000 on the occasion of his daughter’s wedding from his best friend Mr Vishnu. Mr Vishnu also gifted a gold chain to Kavya, daughter of Mr Vikas, worth ₹ 80,000 on the said occasion. Would such gifts be taxable in the hands of Mr Vikas and Ms Kavya?
10 out of 10
