Osmania University · Faculty of Law
Law of Taxation · May/June 2016
May/June 2016 · Law of Taxation · Semester 6
FACULTY OF LAW
LL.B. (3 YDC) III - Year VI-Semester / B.A. LL.B. (5 YDC) V-Year X-Semester
Examination, May / June 2016
Subject : LAW
PAPER - I : LAW OF TAXATION
Time : 3 Hours Max. Marks : 80
PART - A (5 x 6 = 30 Marks)
Answer any FIVE of the following.
1. Art. 265
2. Residential Status.
3. Capital Gain.
4. Double Tax Relief.
5. Valuation Date.
6. Interest on Securities.
7. Standard Deductions.
8. Debts under Wealth Tax.
PART - B (2 x 15 = 30 Marks)
Answer any TWO of the following questions.
9. Explain the term of income under the Income Tax Act, 1961.
10. Explain the rules of computation of income from house property. What deductions are
permissible under this head.
11. Explain the law relating to Double Taxation Relief.
12. Define net wealth. Explain the general principle relating to the charge of wealth tax.
PART - C (2 x 10 = 20 Marks)
Answer any TWO of the following questions.
13. A has a house property which was let out during the financial year 2016-17, at Rs. 25,000/- p.m.
He paid municipal tax Rs. 3,500/- p.a., premium on fire insurance Rs. 3,500/- p.a., paid house loan
principal Rs. 30,000/-, and interest Rs. 65,000/- p.a. from HDFC, and paid house loan principal and
interest towards the assessment year 2017-18.
14. 'A' a government employee draws Rs. 20,000/- p.m., receives HRA of Rs. 24,000/- and he resides
in his own house. He paid total house loan principal of Rs. 15,000/-, tuition fee Rs. 30,000/-, PF Rs.
60,000/-, LIC Rs. 10,000/-. He resides in a private hospital where he was treated by a general
physician. He has undergone treatment for renal failure and claimed deduction u/s 80DDB.
15. Prepare the draft proforma of computation of Income from Salary, House property applying
Income from other sources and pertaining to his heads of income from Salary, House property and
other sources, applying the provisions of Sections 10(3), 16, 24, 80DDB, 80E, and 80C, appropriately.
16. Under section 80C of the Income Tax Act, exemption for tuition fee paid to any college or school,
for an extent of Rs. 12,000/- per annum, for two children. Clarify whether any tuition fee paid for
self-education can also be claimed as a deduction under the above section.