Income from Other Sources

Problem 1
A company furnishes the following particulars of its income for the previous year 2020-21.
compute its income from other sources:
1. Dividend on equity shares from a domestic company Rs.600
2. Dividend on preference shares(gross) someone Indian company Rs.3200
3. Income from letting on hire of building and machinery under one composite lease
Rs.27,000.
4. Interest on bank deposits Rs.2500
5. Royalty received Rs.1,200
6. Ground rent rs.600
7. Income from undisclosed source Rs.10,000
8. Winning from lotteries (Net) received Rs.14,000

The following deductions are claimed by it:

a) Collection charges of dividend Rs.20
b) Allowable depreciation on plant and machinery Rs.4,000
c) Fire insurance on building and machinery Rs.100

Problem 2
The investments of X Ltd on 1st April 2020 were as given below:
a) Rs.20,000, 10% U.P Govt. Loan.
b) Rs.12,500, 10% Improvement Trust Debentures purchased at par on 1st Nov 2019.
c) Rs.10,500, 10% Debentures of a Jute Mill Company.
d) Rs.4000 Interest on Debentures of a Co-operative Society.
On 1st October 2020, it sold Improvement Trust debentures for Rs.11,625 and purchased
Rs.20,000, 12% Port Trust Bonds, for which it took a loan of Rs.10,000 @ 15% per annum.
The bank commission for buying and selling securities was 1% on face value and for
collecting interest Rs.20.
Such interest being payable in each case on 1st January and 1st July. Find out its income
under the head Capital Gains and Other Sources for the Assessment year 2021-22.