Assignment help AprilMay 2023 NMIMS What is the perquisit

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Fundamentals of Taxation

1. The business of a HUF is transacted from Australia and all the policy decisions are taken there. Mr. E, the Karta of the HUF, who was born in Kolkata, visits India during the P.Y. 2021-22 after 15 years. He comes to India on 1.4.2021 and leaves for Australia on 1.12.2021. Determine the residential status of Mr. E and the HUF for A.Y. 2022-23. (10 Marks)

2. From the following particulars of income furnished by Mr. Anirudh pertaining to the year ended 31.3.2022, compute the total income for the assessment year 2022-23, if he is:

(i) Resident and ordinary resident;
(ii) Resident but not ordinarily resident;
(iii) Non-resident (10 Marks)

Particulars Rs.
(a) Short term capital gains on sale of shares of an Indian Company received in Germany 15,000
(b) Dividend from a Japanese Company received in Japan 10,000
(c) Rent from property in London deposited in a bank in London, lateron remitted to India through approved banking channels 75,000
(d) Dividend from RP Ltd., an Indian Company 6,000
(e) Agricultural income from land in Gujarat 25,000

3. AB Co. Ltd. allotted 1000 sweat equity shares to Sri Chand in June 2021. The shares were allotted at Rs. 200 per share as against the fair market value of Rs. 300 per share on the date of exercise of option by the allottee viz. Sri Chand. The fair market value was computed in accordance with the method prescribed under the Act.

a. What is the perquisite value of sweat equity shares allotted to Sri Chand? (5 Marks)

b. In the case of subsequent sale of those shares by Sri Chand, what would be the cost of acquisition of those sweat equity shares? (5 Marks)

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