Answer to Question #272319 in Management for Subhendu

Question

From the following information, furnished by Ms. Anucampa pertaining to the financial year ended as on 31st march 2021, Short term capital gains on sale of shares in an Indian company received in Japan 10000 Dividend from a Chinese company received in China 3000 Agricultural income from land in Madhya Pradesh 5000 Dividend from PJV Ltd an Indian Company 4745 Gross Rent from a residential property located at Singapore, later on remitted to the saving account in Bank of Maharashtra, Mumbai using the approved channels 600000 Compute the total income and give reason for considering/ not considering these specific items for the relevant assessment year 2021-22, if she isa. Resident and ordinary resident (5 Marks) b. Non resident 

Answer 1

(a)

Short term capital gains          = 10,000

Dividends from a Chinese co. = 3,000

Agricultural income                 = 5,000

Dividend from PJV Ltd             = 4,745

Gross rent                                 = 600,000

Taxable income                       = 622,745

 

(b)

Short term capital gains          = 10,000

Agricultural income                 = 5,000

Dividend from PJV Ltd             = 4,745

Taxable income                       = 19,745