TAXATION – DIRECT & INDIRECT

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1. “There are certain instances where the cost of an asset to the previous ownershall be taken as the deemed cost of acquisition for the purpose of computingcapital gain if such asset is transferred later on”. Discuss.

2. Discuss any four types of losses that can be carried forward mentioning –

·         The income against which such carried forward losses can be set off in next year

·         The time limit for carry forward of such losses. If, any.

3. A) Valuation under section 4A of the Central Excise Act, 1944 is based on Maximum Retail Price. Discuss the conditions to be satisfied in order to impose duty on any commodity based on its MRP.

3. B) HDILL Ltd provides interest free loan to its employees. Mr. Ravi being an employee of the company has taken a loan of Rs one lac from the company. Discuss how the value of benefit arising from this perquisite will be determined. What if, the loan was taken by the employee amounts to Rs 20000 only?