M/s. Optima Corporation is an Investment fund, regulated by SEBI (Alternative Investment Fund) Regulations, 2012, made under the SEBI Act, 1992. The…

CA Final · Direct Tax Laws and International Taxation · PYQS · May 2025
M/s. Optima Corporation is an Investment fund, regulated by SEBI (Alternative Investment Fund) Regulations, 2012, made under the SEBI Act, 1992. The following are the particulars of income of Optima Corporation for F.Y. 2024-25: Particulars Amount in ₹ Business Income 4,00,000 Capital Gains 28,00,000 Income from other sources 8,00,000 Assume that Optima Corporation has 8 unitholders each having one unit held by them for a period exceeding 24 months, and income from investment in the fund is the only income of the unitholder. What would be the total income of the investment fund and each unit holder for A.Y. 2025-26?
(A) Total Income of Investment Fund will be - 4,00,000 and Total income of each unitholder will be - 4,50,000.
(B) Total Income of Investment Fund will be - 12,00,000 and Total income of each unitholder will be - 3,50,000.
(C) Total Income of Investment Fund will be - 40,00,000 and Total income of each unitholder will be NIL.
(D) Total Income of Investment Fund will be NIL and Total income of each unitholder will be - 5,00,000.

Suggested Answer and Working Notes:

Correct Answer: Option (A)

Total Income of Investment Fund will be - 4,00,000 and Total income of each unitholder will be - 4,50,000.

Topics: Double Taxation Relief, Capital Gains, Non-Resident Taxation

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