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A business trust, registered under SEBI (Real Estate Investment Trusts) Regulations, 2014, gives particulars of its income for the P.Y.2023-24: (i)…

CA Final · Direct Tax Laws and International Taxation · MTP · November 2024

A business trust, registered under SEBI (Real Estate Investment Trusts) Regulations, 2014, gives particulars of its income for the P.Y.2023-24: (i) Interest income from Tang Ltd. – 10 lakh; (ii) Dividend income from Tang Ltd. – 5 lakh; (iii) Short-term capital gains on sale of listed shares (STT paid both at the time of purchase and sale) of Indian companies – 4 lakh; (iv) Short-term capital gains on sale of developmental properties – 8 lakh (v) Interest received from investments in unlisted debentures of real estate companies – 1 lakh; (vi) Rental income from directly owned real estate assets – 20 lakh Tang Ltd. is an Indian company in which the business trust holds 100% of the shareholding. Tang Ltd. does not opt to pay tax under section 115BAA. Assume that the business trust has distributed the entire 48 lakh to the unit holders in the P.Y. 2023-24 in the month of March, 2024. Mr. Shivam is a resident holder holding 100 units and Mr. Sahaj is a non-resident holder holding 500 units. The total number of units subscribed to by all unit holders is 5,000. From the information given above, choose the most appropriate answer to the following questions -

(A) No tax is deductible by the business trust, since such income is not taxable in the hands of unit holders

(B) Tax is deductible@5% on 20,000 distributed to Mr. Shivam and @5.2% on 1 lakh distributed to Mr. Sahaj

(C) Tax is deductible@10% on 20,000 distributed to Mr. Shivam and @5.2% on 1 lakh distributed to Mr. Sahaj

(D) Tax is deductible@10% on 20,000 distributed to Mr. Shivam and 10.4% on 1 lakh distributed to Mr. Sahaj

A business trust, registered under SEBI (Real Estate Investment Trusts) Regulations, 2014, gives particulars of its income for the P.Y.2023-24: (i)…

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