Sameer received the following income during financial year 2013-14: Director's fees ₹5,000, income from agricultural land in Pakistan ₹15,000, rent from let-out of land in Jaipur ₹20,000, interest on deposit with HDFC Ba

CS Executive · Tax Laws and Practice · PYQS · December 2014
Sameer received the following income during financial year 2013-14: Director's fees ₹5,000, income from agricultural land in Pakistan ₹15,000, rent from let-out of land in Jaipur ₹20,000, interest on deposit with HDFC Bank ₹1,000 and dividend from Indian company ₹5,000. His income from other sources is —
(A) ₹41,000
(B) ₹46,000
(C) ₹31,000
(D) ₹26,000.

Answer & Explanation:

Correct Answer: Option (A)

Correct answer: (A) ₹41,000. Other-source income = 5,000 + 15,000 foreign agricultural income + 20,000 land rent + 1,000 interest = 41,000; domestic dividend is exempt under the then applicable law. This answer applies to the historical law and assessment-year context of this December 2014 paper; later amendments may differ.

Topics: Income Tax Act, 1961

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