Akhil has the following assets and liabilities on the valuation date : (in lakh) (i) Commercial property 60 (ii) A farm house 15 kms. away from the local limit of Kolkata 30 (iii) Car for personal use 16 (iv) Jewellery 2
CS Executive · Tax Laws and Practice · PYQS · December 2014
Akhil has the following assets and liabilities on the valuation date : (in lakh) (i) Commercial property 60 (ii) A farm house 15 kms. away from the local limit of Kolkata 30 (iii) Car for personal use 16 (iv) Jewellery 24 (v) Aircraft for personal use 180 (vi) Urban land (construction is not permitted under the law) 40 (vii) Cash in hand 11 (viii) Loan taken to purchase the aircraft 80 The net wealth of Akhil for the assessment year 2014-15 will be —
Answer & Explanation:
Correct Answer: Option (C)
Correct answer: (C) ₹180.50 lakh. Taxable assets: farmhouse 30 + car 16 + jewellery 24 + aircraft 180 + cash over 0.50 lakh 10.50; deduct aircraft loan 80 = 180.50 lakh. This answer applies to the historical law and assessment-year context of this December 2014 paper; later amendments may differ.
Topics: Wealth Tax Act, 1957
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