Neelam, a resident individual, received the following incomes during the financial year 2024-25: S. No. Particulars Amount (₹) (i) Agricultural income from land in Pune (Maharashtra) 2,40,000 (ii) Agricultural income fro

Answer 4A(i) Particulars Agricultural income from land in Pune Maharashtra - ₹ 2,40,000 Exempt under Section 10(1) - Agricultural income from India is fully exempt. Agricultural Income from land situated in Kenya - ₹ 1,60,000 Foreign agricultural income is not exempt. Only Indian agricultural income is exempt u/s 10(1). Hence, Taxable. Share of profit from Partnership Firm - ₹ 3,00,000 Exempt under section 10(2A) if the firm is assessed as such (i.e., partnership firm assessed separately). Interest on Capital received from partnership firm - ₹ 60,000 Partly exempt - Since Interest on capital is maximum allowed @ 12% of capital to firm, in excess of 12% is not allowed to firm and firm is liable pay tax on it. Hence, 3% Interest [₹ 60,000/15 * 3 = ₹ 12,000] is Exempt and 12% Interest [₹ 60,000 * 15/12 = ₹ 48,000] is Taxable in the hands of Neelam under "Business or Profession". Dividend Income: (a) From domestic listed company - 1,50,000 [Taxable under "Other Sources" since dividends are no longer exempt under Section 10(34) post-Finance Act 2020.] (b) From foreign company - 90,000 Taxable under "Other Sources". ULIP proceeds (₹ 20,000), policy issued after 1-Feb-2021 with premium ₹ 3,00,000 ULIP issued after 1-Feb-2021, and premium exceeds ₹ 2.5 lakh/year → exemption u/s 10(10D) is NOT available. Proceeds are taxable under the head "Capital Gains" Final Exempt Incomes: Agricultural income (India): ₹ 2,40,000 Share of profit from partnership firm: ₹ 3,00,000 Interest from partnership firm: ₹ 12,000 Total Exempt Income: ₹ 5,52,000