Ms. Chandni, aged 45 years, provides the following data of her gross receipts for the financial year 2023-24 and 2024-25. She is engaged in agency…
CA Intermediate · Taxation · MTP · May 2025
Ms. Chandni, aged 45 years, provides the following data of her gross receipts for the financial year 2023-24 and 2024-25. She is engaged in agency business along with providing services as tarot card reader. F.Y. Receipts from business (₹) Receipts from profession (₹) Total Gross Receipts (₹) 2023-24 78,00,000 43,00,000 1,21,00,000 2024-25 85,00,000 47,00,000 1,32,00,000 During the F.Y. 2024-25, she paid an amount of 1,20,000 to a contractor for polishing her old furniture. She has taken services from renowned interior designers for her self-occupied residential house property for which she paid - 2,50,000. Further, on 28.05.2024 she sold one commercial property for 50,00,000. The value adopted for stamp duty was - 52,00,000. It was purchased for 40,00,000 on 28.04.2017. (Cost Inflation Index for F.Y. 2024-25: 363, F.Y. 2017-18: 272). The brought forward business loss of F.Y. 2020-21 is 5,00,000. During the year, Ms. Chandni incurred a loss of 8,30,000 while trading in the agricultural commodity derivatives (no CTT paid).
Suggested Answer and Working Notes:
Correct Answer: Option (C)
Nil
Topics: Paper 3A: Income Tax Laws
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