There are three individual members Raja, Harshil and Gopal in an association of persons (AOP) sharing profits and losses in equal proportion. AOP earned total taxable income ₹9,00,000 for the Assessment Year 2021-22 whic

CS Executive · Tax Laws and Practice · PYQS · June 2021
There are three individual members Raja, Harshil and Gopal in an association of persons (AOP) sharing profits and losses in equal proportion. AOP earned total taxable income ₹9,00,000 for the Assessment Year 2021-22 which included ₹30,000 for long-term capital gain. The net taxable income of members from their own business was ₹30,000, ₹40,000 and ₹50,000 respectively before transferring share of profit from AOP. Find the tax liability of AOP.
(A) ₹89,960
(B) ₹6,000
(C) ₹3,78,110
(D) ₹96,200

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax Act, 1961

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