965 Income Tax Theory, Law &Practice :A.Y.

2023-20)4
from other sources 966
49. From the details given below calculate income Income from Other Sources
Rs
B. Compresheastve problems
1,00,000
(1) 9% Agra Munic1pal Bonds 51. From the following particulars submitted by Srinivas, compute his income
80,000 from other sources for the assessment year 2023-24.
(u) 8% Deposit in Canara Bank.
(i) 10% TN Govt. Loan.
40,000 a) He was a director in acompany from which he received Rs.13,000
40,000 as Director's fees.
(Iv) 10% Debentures of ABC Ltd.,
10,000 b) Interest received on deposit with a Co-operative Bank Rs 2,000.
(v) Income from lottery (gross)
Collection charges Rs.600. Interest on loan to invest in
sccurities Rs, l00 c) Dividends received from aforeign company Rs6,000.
(Bharathidasan, B.Com., April 2006) d) Received winning from Lottery Rs 27,760.
e) Income from agriculture in England Rs 78,000
|Ans.: Rs.31,600)
2022: ) Honorarium for delivering lectures in aregistered society Rs. 1,200
50. Mr.J' holds the following securities on April 1, g) Srinivas owned a house property at Tnchy, which was acquired by the
Rs. Government in 2016-17. Along waith compensation, Rs. 80,000 was paid
10,000 6,5% Central Government Loan by the Governent as interest for late payment of compensation dur1ng
(date of payment of interest : July 10 cvery year) 2022-23.

8% debentures (non listed) of POR Lid. (Madras, B.Com., (CS) Nov.2006|

40,000
[Ans: Rs.1,79,857}
(date of payment of interest :
May 15 and November 15 every year)
Hint: (|) Since the word winnings received is given, it is taken as net amount
Hence grossed up at 30%
10,000 9% relief bonds (tax free) (2) Income from agricultural land outs1de Ind1a is taxable.
Govemment
Apart from the aforesaid securities, J invests in (non-listed) U.P. on (3) S0% of intereston compensation recerved is deductable from compensation
(non-listed
loan, Bihar Government loan and debentures of ABC Lid., interest received
June 30,2022 and receives Rs.4,000, Rs.8,000 and Rs. 15,880 respectively 52. Mrs Xgives you the following particulars in respect of her income for the
as interest on December 31, 2022. He pays 2 percent commission to bank financ1al year 2022-2023 Compute her income under the hand income from
income.
for collection of interest (net) on securities. Determine taxable other sources.
(Madras, B.Com, (CS) O4, Nov. 2010)
Rs
|Ans.: Interest income Rs.32,866 a) Intern1m Dividend 4,000
(650+3200-+4000+8000+17644-629) b) Dividend from a company on equ1ty shares 3,000
Hint: (1) Interest on relief bonds is exempt from tax. c) Dividend on preference shares 4,000
(2)There is no TDS on interest on Government securities. d) Director's fees |,800
(3) Collection charges reduced at 2% on net interest received. Rs.628: e) Ground rent 3,000
(31,410x 2/I00) (650 +2,880(3,200 - 10% tax) +4,000 +8,000 +1S,880) ) Income from sub-letting 6,000
(4)For the purpose of collectioncharges the net amount in respect ofinterest g Drvidend from foreign company (net) 5,000
h) Interest on National Defence Gold Bonds, 1980 3,000
on PQR Lid., securities is Rs. 2,880 (3200-3200x10, (Madras, B.Com., Apr. 2007]
And ABC Lid. securities net interest received is Rs.15,880. |Aas: Rs.26,800)
(5) Rate of tax deduction in the case of PÌR LId. and ABC Lid. securities is 10% Hint: (1) Interest on National Defence Gold Bonds is exempt from tax.

53.The following income are received by MrS during the

2022-23 (Assessment year 2023-2024). previous year
967 Income Tax Theory, Law &Practice:A.Y.2023.20)A 968
Rs.
Income from Other Sources
(v) Dividends from co-operative societies 12,000
a) Director's fees 6,000
(vi) Director's fees. 54,000
b) Income from agricultural land in Pakistan 40,000
4,20,000
1,500 (vi) Net winnings from Manipur lottery
c) Interest on savings from Bank (vii) Advance money received and forfeited during
d) Interest on fixed deposit 1.800
negotiation to sella capital asset : Rs. 60,000 during 2020-21.
e) Winning from Lottery (Net) 33,000 .Madras, B. Com., (CS) Nov. 2009)
) Royalty on books 20,000 |Periyar, B. Com,, Nov.2007)
(expenses for writing the book Rs.4,000) |Ans.: Rs.,12,200|
g)S had a Land at Chennai, which was acquired by Government durine Hint: (1) Income from agricultural land out side India is taxable.
2015-16, along with compensation, Rs. 1,20,000 was paid as intere
(2) Income from agricultural land with in India is exempted.
for late payment during 2022-23.
(3) Interest on post ofice saving bank is exempt upto Rs. 3,500.
Compute his income from other sources.
(4) Dividends from co-operative societies is taxable.
(Madras B.Com Nov. 2015(Madras, B.Com, Apr. 20061
(5) Net winnings from lottery is tT be grossed up at 30% tax rate.
|Ans.: Rs.1,72,42)
tax rate. 56. Compute Income from other sources of Mugundan for the previous year
Hint: (1) Net winning from lottery is grossed up at 30% 2022-23.
India is taxable.
(2) Income from Agricultural land situated outside (i) Dividend on equity shares. Rs.600.
(3) 50% is deductible from compensation received. (ü) Dividend on preference share Rs.3,200.
are as follows:
$4. Mr. Chowdhary's income details for 2022-2023 () Income rom letting of building and machinery Rs. 17,000.
Rs.20,000.
(1) Agricultural income from Sri Lanka (iv) Interest on bank deposit Rs.2,500.
() Interest on POSB alc Rs.1,000. (v) Director's fees Rs. 1,200.
(vi) Ground rent Rs.600.
(ii) Interest on deposit Rs.9,000.
(vii) Undisclosed income Rs.10,000.
(iv) Income from sub-letting Rs.I,500.
(vil) Lottery income (Gross) Rs.l0,000.
(v) Dividend from foreign company Rs.15,000.
(vi) Horse race income (net) Rs.53,500. (ix) Advance money received and forfeited during negotiation to sell acapital
|Bharathidasan, B. Com., Nov. 2006] asset : Rs. 70,000. During 2022-23,he claims the following deductions.
Depreciation on building Rs.4,000 and insurance on machinery Rs. 100.
|Ans.: Rs.1,21,928)
(Madras B. Com (CS) April 2012)
outside India is taxable.
Hint: (1) Agricultural income from land situated Madras, B. Com., Apr.2011)
(2) Interest on POSB a/c is exempt upto Rs. 3,500. (Bharathidasan, B. Com., Nov. 2006]
30% tax rate.
(3)Net horse race income received is to be grossed up at |Periyar, B. Com. Apr. 2007]
previous
55. Thiru Gunasekaran carned the following incomes during thefrom other |Ans.: Rs.1,11,000)
income
year ending on 31st March 2023. Compute his taxable Hint: (1)Depreciation of building and insurance on machinery is deducted from
Sources : income received form letting of building and machinery.
Rs.
(2) Undisclosed income is income from other sources
() Income from agricultural land in Burma 3,60,000
57. The following incomes are received by Mr. Vignesh during the financial year
1,80,000
(i) Income from agricultural land in Kerala 2022-2023.
(üi) Interest on fixed deposit in Indian Bank 16,200
(iv) Interest on post office savings bank alc 13,500
 Income Tax Theory., Law &Practice: A.Y. 2
99
023-2024
Rs. Income from Other Sources
970

2,000 (4) Agricultural income from outside India is taxable Allowances recerved
Director fes AS an MP. are exempted
Income from agricultural land in Sri Lanka
S000
59. Raman is a member of Parliament from Chenna During the previous year
Ground rent for land in Mysore 10,000 2022-23, he had the following incomes:
Interest on pos office saving bank a'c
100 (a) As a member of Parliament he received a salary of Rs 500 pm, and
500 daily allowance of Rs. S,100 for attend1ng various sessions.
Interest on deposit with IFCI (b) He had the follow1ng investments
Dvidend from foreign company 700
26.250 () L,000 Equity shares of Rs. 10 cach in Tata Finlay Lid The company
Rent from house (sub-let)
declared interim dividend of 15% on 1Sth February. 2022 but paid
Rent paid by Mt Vignesh (on the sub-let
house) 13,000 iton Ist May, 2022 and declared a final dividend of 10% on 30th
Winnings from Horse race 12.300 March, 2023.
Indian banks
Interest on securities 4,000 (2) A10% fixed deposit of Rs. 10,000 is held by him in
for Interest is credited annually.
Compute the Income from other sources of Mr. Vignesh, the assessment (3) He received dividend of Rs. 500 from a Co-operative society
year 2023-24. races.
(Madras, B.Com., (CS) Apr. 2008) (c) He won Rs. 8,000 in crossword puzzles and horse
Mr. Krishnan
|Ans.: Rs.47,750| (d) He has let machinery and furniture and also building to
repair of
at amonthly rent of Rs. 5,000. He spent Rs. 1,500 on the
Hint: (|) nterest on post ofice saving bank account is exempt upto Rs. 3,500 Depreciation
machinery, funiture and building during the previous year.
(2) Income from agricultural land situated outside
India is taxable. allowed in respect of these assets for the previous year was Rs. 20,000.
The bank charged Rs. 17 commission on collection of dividends.
58. Mr.Smith is aM.P. from Ahmedabad He has submitted the following particular Compute the taxable income of Ramanunder the head "Income from other sOurces".
of income for the year ending 31.3.23. (Madras, B.A. Corp. March 1993)
(a) Agricultural income from land in Sri
Lanka Rs. 15,000. |Ans : Income from other sources:Rs. 66,500;
Salary income as MP is Rs. 6,000;
(b) Daily allowance as M.P. Rs. 15,000
Interest on deposit Rs. 1,000;
(c) Salary as a M.P. Rs. 36,000 Casual income Rs. 8,000;
21,000
(d) Salary for a part-time Job with a firm Rs.
(e) Royalty from a coalmine Rs. 20,000 and spent Rs. 3,000 for collectine Income by letting Plant and Machinery Rs. 48,500.1
royalty income. Hint: Allowances received by MP are exempted.
() His residential house has been taken on a rent of Rs. 1,000 p.m., half Salary income of MP is income from other sources.
income
of which he has sub-let at Rs. 1,200 p.m. 60. Mr. Raju aresident individual, submits the following particulars of his
(g) Dividends from a co-operative society Rs. 5,000. for the year ended 31st March, 2023.
Calculate his income from other sources. (a) Royalty from a Coal Mine Rs. 20,000
(Madras, B.Com.(CS) Nov. 206] (b) Agricultural income in Pakistan Rs. 15,000
|Ans : Income from other sources : Rs. 81,400)
Hint: (1) Salary received as M.P. is income from other sources.
(2) Salary received from a firm is income under the head salaries.
(3) Income from sub leting of a house is income from other sources.
9.71 Income Tax Theory, Law &Practice :A.Y. 2023-20)4
Income from Other Sources 9.72
firm Rs. 21,000
(c) Salary for a part time job in a
Rs. 36,000 (d) Dividend declared by a company on
(d) Salary as member of parliament 12,000
Rs. 15,000 I-3-2023 but paid on l-4-2023.
(c) Daily Allowances as M.P. -
taken on a rent ofRRs. 1,000 p.m. half of (c) Interim dividend declarcd on 1-3-2022
() His residential house has been 6,000
which he has sublet at Rs. 1,200 p.m. Municipal taxcs paid by hi but paid on 1-5-2022.
48,000
Rs. 200and Repairs Rs. 500. () Family Pension Received
- Rs. S,000 a friend on
(g) Dividend received from a co-operative society (g) Asum of Rs. 80,000 is received as a birthday gift from
Mr. Arun's birthday on 30-10-22.
(h) He has incurred the following expenses : triend on 02-06-22.
dividend. (h) Asum of Rs. 50,000 is received as gift from his another
() Paid collectioncharges Rs. 100 for collecting
income. (1)Cash gift received from MR. Arun's father Rs. 1,00,000.
()Rs. 3,000 spent for carning and collecting royalty 25,000.
market value Rs. 10.5 lakh) (i)Cash git received from his friend of Mr. J Rs.
Mr. Raju purchases gold for Rs. 10 lakh (Fair I5 resident friend as a g1ft.
for Rs. lakh (Fair market value (k) Received jewellery worth Rs. 60,000 from his non
He further purchases a work of art of Arun.
Rs. 18 lakh). Cash gift of Rs. 40,000 was received on the occassion of wedding
assessment vear (Madras, B. Com. Nov. 2006; Oct. 2000)
Compute Raju's 'income from other sources' for the
JAns :Rs. 3,44,000|
2023-24.
(BCS Madras, October 2001|
(@ or Rs. 15,000
JAns : Income from other sources : Rs. 4,30,950 Hint: I. Family pension is subject to Standard Deduction
Royalty income Rs. 17,000; Agricultural income Rs. 15,000: whichever is less.
Salary as MP Rs. 36,000; Income by subletting Rs. 8,050. 2. Gits received from non relatives are taxable if the amount in aggregate
Dividends from Co-operative society Rs. 4,900 exceeds Rs. 50,000.

Excessaggregate fair market value over purchase value taxable is

Rs. 3,50,000.1 3. Gifts received from relatives are not taxable (for meaning of relative
refer to Page no :9.18)
(10,50,000 + 18,00,000 - 10,00,000 - 15,00,000)
received is 4.Git in-kind as jewelleryis taxable. (lfaggregate valuce of movable properties
Hint: (l) Allowances received as M.P. are exempted. Part-time Salaryincome from is exceeding Rs. 50,000)
income under the head 'Salary'. Salary received as MP is
5. Gifts recieved on the occassion of marriage are not taxable
other sources without standard deduction.
other
(2)Agricultural income from outside India is taxable as income from
sources. 62. From the following information,compute the "income from other sources"
movable assets for the year ending 31-3-2023.
(3) The excess of aggregate FMV over purchase value of
(a) Dividend from acompany (Gros) declared in May 2022 Rs.
7,800
from
(all movable asets) exceeding Rs. 50,000 is chargeable income
as
Rs. 2.000
other sources. (b) Examinership Remuneration
Rs. 48,000
61. Compute income from other sources of Mr. Arun from particulars given below (c) Royalty by the publication of a book.
50,000
Rs
for the assessment year 2023-24: (d) Winnings from Lottery (Gros)
Rs. (e) 10% Tax-fee Govt. securities of Rs. 40,000
10,000 () Rent received from abuilding let out with
(a) Interest on deposits with a company
Rs. 20,000
(b) University remuneration for working as examiner 8,000 Plant and Machinery
Rs. 2,000
(c) Royalty for writing books 80,000 Repair of thebuilding
Rs. 2.000
He claims to have spent Rs. 20,000 Depreciation on Plant and Machinery
on writing these books.
973 Income Tax Theory, Law&Practice:A.Y. 2023-2024
(g)Collection charges for
interest and dividend are 2% 9.74
Income from Other Sources
of net amount realised. [Madras, B. Com. (Non-Sem.) Nov. 2006;
Rs.
(h) Gift received by will 1,00,00 B.Com.(Sem,) April 2006; B. Com. 2002)
articles in Magazines Rs.
1,000
() Honorarium received for writing |Ans: Rs. 33,12,300)
fiends.
() Cash (gits) received from Rs. Hint: (1) Agriculture income from outside India is taxable.
Cash (gift) receivedfrom X: Rs.
29,000 (2) On Lottery winnings or race winning T.D.S. is 30%. Gifts from friends
Cash (gifl) received from Y: 15,000 are taxable since the amount exceeds Rs. 50,000 (In aggregate), Gift from
.Madras, B.Com. April 199) father, being a relative is not laxable.
JAns : Income from other sources : Rs. 1,28,720 (1,28,800-80);
(3) Immovable property acquired for inadequate consideration is taxable if
Rent : Rs. 16,000; Casual income: Rs. 50,000; the excess stamp duty value is more than Rs. 50,000. (If stamp duty
Interest : Rs. 4,000; Other income : Rs. value excecds 105% of purchase consideration).
51,000]
80 at 2% on Rs. 4,000. (4) Interest on post office savings bank account is exempted upto Rs. 3,500.
Hint: 1. Collection charges are Rs.
inheritence, etc are not taxable. 64. Sri. Mukunda furnishes the following particulars of his incomes for the previous
2. Cash gift Gift received by will,
exceeding Rs. 50,000 in aggregate are year 2022-23. Compute his total income:
3. Cash gifts received from friends not Rs.
not taxable.
from Indian Companies is not 1. Dividend on Equity shares (Gross) 600
4. Collection charges is respect of dividends 3,200
deductible. 2. Dividend on Preference shares (Gross)
year 2022.2
incomes were received by Mr. "A' during the financial 3. Interest on deposits with SBI (Gross) 60,000
63. The following Rs. 1,200
4. Director's sitting fees
5. Ground Rent 800
Director's fees
6,000
6. Income from undisclosed source 10,000
Pakistan 40,000
Income from Agricultural Land in 7. Income from Lotteries gross 10,000
Account 1,500
Interest from Post office savings Bank 8. Income from agricultural land in India 2,000
1,800 1,00,000
Interest on Fixed deposit in SBI Income from agricultural land in U.S.A.
21,56,000 9. Interest on Bank deposits with UCO Bank 5,000
Winning from Lottery (Net)
20,00,000 10. Mukund received the following sums
Cash (gift) received from Mr. 'A's father as Gifts during 2022-23.
23,000
Cash (gif) received from 'A's friend Rs. 55,000 from his sister on 4-10-22
of Mr. A 22,000
Cash (gift) received from another friend Rs. 27,000 from his friend on 16-8-22
2,500
Winning from Crossword puzzle Rs. 29,000 from his another friend on 30-1-23.
20,000 Mukunda receives following properties from his friends with out any
Royalty on books
4,000 consideration :
Expenses for writing books
is received by Mr. A 1. House property situated at chennai, stamp duty value Rs. 50,000
Another sum of Cash (gift) of Rs. 25,000 from a friend Rs. 5,00,000
on 11-10-22. 2. House property at madurai, stamp duty value
from his friend The following deductions are claimed by him.
Another cash (gift) amount of Rs.26,000 is received by Mr. A Collection charges of dividend. Rs. 20
on 28-10-22.
Interest on Capital borrOwed for investment
Compute Mr. 'A's income from other sources. inpreference shares. Rs. 1,000
Mr. Apurchases a land for Rs. 25 lakh (Stamp duty value 25.5 lakh). (Madras, M. Com. ICE Oct 2002;
Mr. Apurchases house for Rs. 6,00,000 (Stamp duty value Rs. 7,00,000). Bangalore, B. Com. April 1995)
975 Income Tax Theory, Law& Practice: A.Y. 2023-2024
|Ans : Total Incomefrom other sources : Rs. 7,46,160 976
Income from Other Sources
income from land situated in India.
Hint: (1) Exempted income Agricultural (vi) Family Pension received Rs. 36,000.
taxable. [Madras BCom (CS) Aprl 2012)
Gifts from relatives are not
reveived are tarable ifthe:eamount exceeds Rs 50,000 |Bharathidasan, B. Com., Nov, 2007 & 2012]
() Gifts from Fnends
in aggregate.
taxable. Hence interest on canihl
JAns : Rs.1,38,084: (3$38 +6984+399 1+49571+4000+36000-+24000 + 10,000|
(3)Dividends from Ind1an companies are or 640
dividend. 1000 Hint: (1)Dividend from Indian Company is taxable. Net dividends are grossed a
is deducted upto 20% of 10% of tax.
recerved with out consideration is taxable if he Ltd. Co,
(4)Immovable property (2) Interest on tax free commercial securities and tax free Public
Rs. 50,000. House property at Chennai
in
stamp duty value exceeds not exceed Rs. 50,000, whereas securities is grossed up.
not the value does Madurai
valueasexceeds Rs. 50,000, taxable assincome from other sources.
taxable
property (3)Family pension received is subject to standard deduction as least
of
(5) Dividends collectioncharges in respect of div idends from domestic company
½ of amount received (OR) Rs.15,000
are not deduct1ble. who held the
sources from the following : 67. Compute income from other sources of Mr. Krishnamurthy
65 Calculate income from other following investments during the previous year 2022-23.
(Net amount) Rs.21,000.
a) Winning from lotteries (i)) Rs. 11,000, 109% central Government, securities
Rs. 12,500. Expenses towands
b) Income from letting abuilding and furniture towards building Rs.l.000 (u) Rs. 36,000, 10% Tax free commercial securities.
repa1rs of furniture Rs.S00 and depreciation
The assessee owns the building (m) Rs. 6,300, received as interest on Tax Free Publ1c Limited Company
8,000. Collection charges Rs 100 Securities (Listed)
c) DIvidend declared by an Indian Company Rs.
government securities. (Iv) Rs. 7,200, received as interest on Karnataka Government securities.
d) Rs 5,000 received as interest on
debentures of local authority. (v) Rs. 4,500, received as interest on Debentures of X Ltd. (Listed)
e) Rs 4,000 received as interest on
from Abi Ltd. (non-listed) (vi) Rs. 30,000, 13.5% securities of a Paper Mill Co. (Listed)
) Rs.3,000 received as interest on debentures
g) Interest on 7 year Post Offce
NSC @ 7% Rs.10,000. (vii) Rs. 35,000, 11% securities of aPaper Mill Co. (Listed)
|B. Com. (CS) Apr. 2011| (Ans.: Rs.61,777] (vii) Rs. 10,000, 15°% Jaipur Municipal Corporation Bonds.
not to be grossed up. (ix) Dividend from Carona Limited Rs. 4,000.
Hint: (1) Interest received from govt. securities is
Lid. is grossed
(2) Interest received from debentures of local authority and Abi (x) During the year he also got a prize in Karnataka State Lottery
up at 10% tax rate. The net amount received by him was Rs. 35,000. Interest on all secun1ties
(3) Net winning from lottery is grossed up at
30% tax rate. is payable on Ist July and Ist January every year. Bank charges
Rs. 200 as collection charges. |Periyar B.Com., Nov. 2006)
(4) Interest on Post office NSC is exempt from tax. [Madras, B. C.S. Oct. 2002; Bangalore B. Com. Nov. 1994)
company
(5) Dividends collection charges in respect of dividends from domestic |Ans : Income from other sources : Rs.87,500;
are not deductible.
Mr.Akilesh, compute Casual Income : Rs. 50,000;
66. From the following investments and other income of
income from other sources. Interest Income : Rs. 33,500 (33,700 - 200)
() Rs.31,840, 10% tax free commercial securities. (i) Rs. 1,100; (ii) Rs., 4,000 (ii) Rs. 7,000
(i) Rs.6,286 received as interest on tax free Public Ltd.Co., securities (listed) (iv) Rs. 7,200 (v) Rs. 5,000 (vi) Rs. 4,050
(ii) Rs.3,592 received as interest on Deepak fertiliser (listed) (vii) Rs. 3,850 (viil) Rs. 1,500)
(iv) Dividend received Rs.9,000 (Net) from Indian Company. Hint: (1)Gross up the incomes under (i), (i), () and (x).
() Amount received from Karnataka Lottery Prize Rs.34,700. (2) Tax rate on interest from listed and unlisted securibes is Rs 10%
(vi) Director fees received Rs.4,000.
(v) Royalty income by writing books Rs.40,000 (Expenses claimed and alloweo
Rs.4,000)
 Income Tax Theory,
Law & Practice:: A.Y.
9.77
68. Mr. Raghavan had the following investments during the year 2022.992023-2024
Government paper.
$4,000 7%%
Trust Debentures.
Improvement
(b)Rs. 35,000, 10% Municipal Debentures.
(c) Rs. 60,000, S%
4%% Madras Port Trust Bonds.
(d) Rs. 40,000,
6%% Bombay Development Loan.
(e) Rs. 20,000,
8% Tax-free India Govt. Loan.
() Rs. 32,000,
Debentures of a cement company listed :
Tax-free
(g) Rs. 60.000., 12%exchanges in India.
recognised stock
40,000, 9% Debentures of a Sugar Mill Company.
(h) Rs. Textile Mill Comm
Redeemable preference shares ofa
(i) Rs. 50,000, 10% exchanges in India.
listed in recognised stock
2022 he sold his imnprovement Trust Debentures at a nrof.
On lst October 40,000, 6% Bombay Port Trust Bonds f
of Rs. 1,000 and purchased Rs.
per annum. On the same day he
which he took a loan of Rs. 20,000 at 9%
S0,000. For this
bought Rs. 40,000, 7 S% A.P. Government Loan for Rs.
of Rs. 40,000 at 12% per annum
purpose he took another loan from his banker out of a previous loan taken for
and the balance of Rs. 10,000 were financed
bank charged 2% commission on
some other purpose at 9% per annum. Theon purchase and sale of securities.
realisation of interest and 1% commission interest being payable
Find out the income from interest on securities, such
1st December.
in each case on 30th June and 3
/Madras, B.Com. March 1987]
[Ans: Income from other sources : Rs. 30,054
Income from interest on securities : Rs. 25,054
Gross Interest income : Rs. 28,890;

Collection charges : Rs. 536 26,820xo

Interest on borrowings : Rs. 3,300 (900 + 2400)|