help me in this question...plz

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From the following particulars submitted by Raju. compute his income from other sources for the assessement year 2011-12.

 

 

 

 

 

 

 

 

 

 

 

director's meeting fees received from Y Ltd                                                       4000

 

 

Agricultural income from land situated in india                                                  12000

Agricultural income from Nepal                                                                           20000

interest;

a) from bank on FDR (Net)                                                                                     30000

b) on post office saving account                                                                            12000

c) on goverment securities                                                                                        6500

d) on public provident fund                                                                                      13000

e) on national savings certificate VIII issue                                                             8000

divident from A Ltd decleared on 25-08-2010                                                       35000

lottery prize recived after T.D.S.                                                                                 27640

rent from sub letting of a flat                                                                                      12000

(rent paid to landlord for the flat is 6000)

Raju spent Rs. 600 for realizing the rent. he had also spent Rs. 10000 for the purchase of lottery tickets and recived  the prize on one ticket.


Replies (1)

 

In my opinion, the following income should be included in income from other sources. Agricultural income should be added and then deducted as per the standard practice prescribed so that the agriture income is not wholly exempt for those having other sources of income. House rent will not be part of income from other sources.

 

interest;

a) from bank on FDR (Net)                                                                    30000

b) on post office saving account                                                            12000

c) on goverment   securities                                                                     6500

 

e) on national savings certificate VIII                                                     8000

divident from A Ltd decleared on 25-08-2010                                     35000

lottery prize recived after T.D.S.                                                            27640

 

I would welcome experts' opinion on this subject.

 

 

 


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