Linked PYQ
Mr. Asoke and his wife are partners in a trading firm. Their respective shares of profit for the financial year 2011-12 were Rs. 50,000 and Rs. 30,000 respectively. Their minor son has been admitted to the benefits of another firm manufacturing toys from which he received Rs. 45,000 as share of profit and Rs. 1,20,000 as interest on capital. The capital was invested out of the minor's own fund gifted to him by his uncle amounting to Rs. 10,00,000. A house in the name of Mr. Asoke was transferred to his wife on 01.12.2011 for adequate consideration. The property has been let out throughout the financial year 2011-12 at a monthly rent of Rs. 50,000. Non-convertible debentures of a limited company of Rs. 2,00,000 and Rs. 2,64,000 were purchased three years ago in the names of Mr. Asoke and his wife respectively, on which interest is payable at 10% p.a. Mrs. Asoke had in the past transferred Rs. 1,00,000 out of her income to Mr. Asoke for purchase of debentures in Mr. Asoke's name. Mr. Asoke had transferred Rs. 1,50,000 to Mrs. Asoke in the year 2008-09 without any consideration, which she lent out to one Mr. X. Mrs. Asoke earned Rs. 60,000 as consolidated interest during earlier financial years, which was also given on loan to Mr. X. During the financial year 2011-12 Mrs. Asoke received interest at 10% p.a. on the loan amounting to Rs. 2,10,000. Mr. Asoke transferred Rs. 1,50,000 to a Trust. The income accruing from its investment amounted to Rs. 15,000, out of which Rs. 10,000 shall be utilised for the benefit of his elder son's wife and Rs. 5,000 for the benefit of his minor grandchildren. Calculate Gross Taxable Income of Mr. Asoke and Mrs. Asoke for the financial year 2011-12.