Clubing
Asha
(Querist) 27 December 2011
This query is : Resolved
R and Mrs.R submit the following particulars of income relevant to AY 12-13 :
(a) Mrs. R receives a salary of Rs. 60000 and perquisites of Rs. 22500 from G Ltd, in which her father in law holds 25% of equity share capital and she herself holds 10% of equity capital.
(b) Mr. R receives a salary of Rs. 18900 from S Ltd., in which Mrs.R, her sisters and brothers hold 21% of equity capital.
(c) Mr. R is a (10% share) partner in EFG, a partnership which is engaged in the business identical to G Ltd., and receives Rs. 75000 as salary and interest from the firm during the relevant previous year. None of the relatives of Mr.R has any interest in the firm.
(d) Mrs. R is employed by EFG on a salary of Rs. 15000 per annum.
(e) She receives dividend of Rs. 11000(gross) from G Ltd., and Rs. 7584 (gross) from S Ltd. on 1/7/2011
(f) Interest of minor daughter of R from a partnership firm is Rs. 43500
FIND OUT THE TAXABLE INCOME OR MR.R AND MRS.R FOR AY 12-13 ON THE FOLLOWING ASSUMPTIONS :-
A] That Mr.R is not a beneficial shareholder in G Ltd. throughout the PY.and
B] That Mr.R holds 10% shares in G Ltd. only during 15 days of the PY [1/7/11-15/7/11].
Answer :-
Part A]
Mr. R => GTI = 75000
Mrs.R => GTI = 166800
Part B]
Mr. R => GTI = 199500
Mrs.R => GTI = 42300.
I am not getting answer of Mrs. R in both the cases. Please help.!
thanks in advance...
prabhakar singh
(Expert) 27 December 2011
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