|
An individual took a loan of Rs. 10.00 Lakhs for purchasing a plot of land during F.Y. 2014-15 & has paid around Rs. 1,10,000 towards Interest & around Rs. 57,000 towards principal during F.Y. 2015-16. He has not made any other contribution under Sections 80C, 80CCC, or 80CCD. He will be able to claim deduction of Rs.......... towards principal.
a. Rs. 1,50,000
b. Rs. 1,10,000
c. Rs. 57,000
d. Rs. 0
Ans - d
No tax benefit is available for purchasing of plot of land.
Ref - Page No 274, 2nd paragraph.
...............................................
Avichal Publishers buy a machine for Rs 20000. The rate of depreciation is 10%. Find the depreciated value of the machine after 3 years. Also find the amount of depreciation. What is the average rate of depreciation?
Solution
Original value of machine = Rs 20000,
Rate of depreciation, i = 10%
Hence the book value after 3 years = 20000
= 20000 (0·9)^3
= 20000 (0·729)
= Rs. 14580
Amount of depreciation in 3 years = Rs 20000 - Rs 14580 = Rs 5420
Average rate of depreciation in 3 years
= (5420/20000) x (100/3) = 9·033%
...............................................
Mr X purchased a house property for Rs. 1,00,000 on 31st July 2001. He constructed 1st Floor in March 2003 for Rs. 1,10,000. The house property was sold for Rs. 5,00,000 on 1st April 2005. The expenses incurred on transfer of asset is Rs. 10,000. Find the capital gain.
[2000-01-index is 406 and 02-03 index is 447 and 05-06 Index is 497]
(a)2,40,238 (b)2,45,382 (c)2,45,283 (d)2,45,832
500000-10000-(100000x497/406)-(110000x497/447)=24528
Taxable long term capital gain = sales consideration-selling expenses-(indexd cost of acquisition and improvement)-(Ded under 54 54B D G GA F EC)
...............................................
A capital equipment costing Rs. 200000 today has Rs. 50000 salvage value at the end of 5 yrs. If straight line depreciation method is used, what is the book value of the equipment at the end of 2 years?
Straight line depreciation for each year = (200000 - 50000)/5 = 30000
So for two years total depreciation = 30000*2=60000
The book value of the equipment at the end of 2 years
= 200000 - 60000
= 140000
……………………………………………………………………………………………………………………………………………
|
