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54.500 Marriage) Questions: Mr. Devansh an Indian Resident aged 18 years carries on his own business. He has prepared following Profit & Loss Ne for the year ending 31-03-2019: Particulars Particulars Salary 48.000 Gross Prolit 4,30,000 Advertisement 24.000 Cash Gift (on the occasion of 1.20,000 Sundry Expenses Fire Insurance (R10,000relates 30,000 Interest on Debentures 3.600 to House Property) (Listed in recognized stock Income Tax & Wealth Tax Exchange) Net of Taxes 27,000 Houschold expenses 42.500 Depreciation (allowable) 23.800 Contribution to a University approved and notified U/S 35(1 Mii) 1.00.000 Municipal taxes paid for House property 36,000 Printing & Stationary 12,000 Repairs & Maintenance 24,000 Net Profit 1.32.200 5,54,000 5,54,000 Other information: (0) Mr. Devansh owns a House Property which is being used by him for the following purposes: 250 of the property for own business 25% of the property for self-residence 50. Ict out for Residential purpose (ii) Rent received from 50% let out portion during the year was 21.65.000 () On 1-12-2018 he acquired a vacant site from his friend for R1,05,000. The state stamp valuation Authority fixed the value of the site at 12.80,000 for stamp duty purpose. He received interest on Post-office Savings hank Account amounting to 500 Cash gift on the occasion of marriage includes gift of $20,000 from non-relatives. LIC premium paid (policy value 3,00,000 taken on 01-6-2018) 60,000 for his disabled IV) son. vii ) He purchased 10000 shares of X Company Lid, on 01-01-2014 for 1,00,000 and received 1: 1 bonus on 01-01-2015. He sold 5000 bonus shares in September 2018 for 2.20,000 (Shares are not listed and STT not paid). Compule Total Income and Net Tax payable by Mr. Devansh for the Assessment Year 2019-20

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