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Academic Task-II

Mittal School of Business Faculty of Business and Arts

Name of the Faculty Member: Chitsimran

Course Code: BSL301 Course Title: Income Tax Law

Section: Q2018, 20, 21, 25 Max. Marks: 30

Date of Allotment: October 22, 2021 Date of Submission: October 31, 2021

Mode of submission: Online through UMS (Late submission will not accepted.)

S. Roll No Objectives Topic Evaluation

No of Parameters
Academic
Activity
1 Individual To check Each student will formulate a hypothetical As per
the ability problem consisting of income earned by an rubric
of the individual from a house property and capital gains. attached
students to After formulating the problem, student will solve Total Marks
compute the problem and calculate the income from each 30
income head after applying the provisions of Income Tax
from house Act, 1961. Marks will be given for each point as
property discussed in the rubric attached below.
and capital
gains

PLEASE FIND RUBRIC ON THE NEXT PAGE

 RUBRIC
BSL301: Income Tax Law

EVALUATION CRITERIA FAILS TO MEET MEETS EXCEEDS SCORE

EXPECTATIONS EXPECTATION EXPECTATION
(0-30% Marks) S (30-70% (70-100% Marks)
Marks)
1. Income from a Let-out Student is not able Student is partially Student is able to
House property having 2 to correctly able to compute correctly compute
equal units, where one unit compute ERV, ERV, GAV, NAV, ERV, GAV, NAV,
is let out and another one is GAV, NAV, Deductions from Deductions from
self-occupied or used for Deductions from NAV, and total NAV, and total
own business. (15 Marks) NAV, and total income from house income from house
 Correct Determination income from house property. property.
of Expected Rental property.
Value (3 Marks)
 Adjustment of
Unrealized Rent (1
Mark)
 Adjustment of
Vacancy for Part of
the Year (1 Mark)
 Correct Calculation of
Gross Annual Value (1
Mark)
 Payment of Municipal
Taxes by the owner (1
Mark)
 Correct Calculation of
Net Annual Value
from each unit (2
Mark)
 Deductions from NAV
from each unit:
Standard deduction +
Interest on Housing
Loan: (5 Marks)
 Correct Calculation of
total Income from
House Property (1
Mark)
2. Income from Capital Student is not able Student is partially Student is able to
Gains: (15 Marks) to correctly able to compute compute net
compute net net consideration, consideration,
Determination of Short-Term consideration, STCG, LTCG and STCG, LTCG and
Capital Gain on sale of 2 STCG, LTCG and deductions u/s deductions u/s
assets: deductions u/s 54F. 54F. 54F.
 Calculation of Net
Consideration of each
asset after paying off
selling expenses: (1+1= 2
Marks)
 Correct Calculation of
Short-term Capital Gain
(1+1= 2 Marks)

Determination of Long-Term
Capital Gain on sale of 3
assets:
 Calculation of Net
Consideration of each
asset after paying off
selling expenses: (1x3= 3
Marks)
 Calculation of Indexed
Cost of Acquisition of
each (1+1+1= 3 Marks)
 Deduction u/s 54F for
each asset (3 Marks)
 Benefit of Capital Gain
Account Scheme (1
Mark)
 Correct Calculation of
total Long Capital Gain (1
Mark)

Note: No solution will be accepted, without formulation of a problem statement first. In case of
mismatch among the values taken in problem and solution does, “Zero” marks will be awarded.
Also if any student is found to be involved in unfair practices, strict disciplinary action will be
taken against the student.