Calculate his taxable income and tax liability under income tax act, 1961. (
Mr B aged 72 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him a car worth rupees 8 lakh. He spent a total of rupees 20 lakh during a family trip. He won a lottery of 16 lakh rupees. Out of happiness he gifted his wife a diamond set of rupees 450000. He bought a life insurance policy and paid a premium of 55000 annually. He paid tuition fee for his daughter for rupees 50000. He invested rupees 80000 in
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