Mr B aged 62 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him a car worth rupees 5 lakh. He spent a total of rupees 12 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 550000. He bought a life insurance policy and paid a premium of 50000 annually. He paid tuition fee for his daughter for rupees 50000. He invested rupees 80000 in PPF. One of his existing life insurance policy got matured and he received a total of rupees 30 lakh. Seeing his health conditions the doctor adviced him a medical test of rupees 6000 following he bought a health insurance for rupees 27000. Calculate his taxable income and tax liability
Mr B aged 62 years, has earned rupees 75,00,000 out of his business . His ex- wife gifted him a car worth rupees 5 lakh. He spent a total of rupees 12 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 550000. He bought a life insurance policy and paid a premium of 50000 annually. He paid tuition fee for his daughter for rupees 50000. He invested rupees 80000 in
Step by step
Solved in 4 steps with 1 images
