What is CAprep (caprep.co.in) and how does it help CA students?

CAprep (caprep.co.in) supports ICAI Chartered Accountancy students across CA Foundation, CA Intermediate and CA Final. It includes 13,000+ past questions, timed mock exams with AI answer-sheet evaluation, and CApex study support.

Does CAprep cover official ICAI PYQs, RTPs, and MTPs?

Yes, CAprep indexes over 13,000+ official ICAI Past Year Questions (PYQs), Revision Test Papers (RTPs), and Mock Test Papers (MTPs) categorized by level, subject, chapter, year, month, and marks with step-wise suggested answers.

Can I practice on both web and the CAprep Android mobile app?

Yes, CAprep offers seamless cross-platform sync across caprep.co.in on the web and the official CAprep Android Mobile App with full offline bookmarking, practice quizzes, and live AI support.

Mr. Sunil took an education loan of 8 lakhs on 1.7.2023 from State Bank of India, Mumbai, for his son's MBA from University of Oxford, UK and…

CA Intermediate · Taxation · RTP · May 2024

Mr. Sunil took an education loan of 8 lakhs on 1.7.2023 from State Bank of India, Mumbai, for his son's MBA from University of Oxford, UK and remitted the said amount through the same bank, which is an authorised dealer, under the Liberalised Remittance Scheme of RBI (LRS). He, further, remitted 2 lakhs on 15.10.2023 to his son for his personal expenditure, out of his personal savings, through Bank of India, Mumbai which is an authorised dealer, under LRS. Mr. Sunil also remitted 6 lakhs on 28.3.2024, out of his personal savings, under LRS through Union Bank of India, Mumbai, for his sister's medical treatment in London. Mr. Sunil has furnished undertaking containing the details of earlier remittance to Bank of India and Union Bank of India. What is the amount of tax to be collected from Mr. Sunil in respect of the remittance of amounts to his son and sister?

(A) [email protected]% of 1 lakh in respect of remittance for son's education; @5% of 2 lakhs in respect of remittance for son's personal expenditure and 5% of 6 lakhs in respect of remittance for sister's medical treatment.

(B) [email protected]% of 1 lakh in respect of remittance for son's education; @20% of 2 lakhs in respect of remittance for son's personal expenditure and 5% of 6 lakhs in respect of remittance for sister's medical treatment.

(C) [email protected]% of 1 lakh in respect of remittance for son's education; no TCS in respect of remittance for son's personal expenditure and sister's medical treatment since each transaction is of less than 7 lakhs.

(D) [email protected]% of 1 lakh in respect of remittance for son's education; @5% of 1 lakh in respect of remittance for sister's medical treatment.

Mr. Sunil took an education loan of 8 lakhs on 1.7.2023 from State Bank of India, Mumbai, for his son's MBA from University of Oxford, UK and…

Suggested Answer and Working Notes:

Related Questions in this Topic