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# HA3042 Taxation Law T1 2018 Individual Assignment Due date: Week 11 XXXXXXXXXXMaximum marks: 20 (20%) Instructions: This assignment is to be submitted by the due date in soft-copy only (Safe assign –...

Answered Same Day May 16, 2020 HA3042

## Solution

Pulkit answered on May 22 2020
Question 1
Hilary is a famous mountain climber who was offered \$10000 by a newspaper for writing for the paper her life story and how she spent her life. Without the help of anyone and get \$10000 for all her interests, rights and also copyright. She also sold the manuscripts to the li
ary for \$5000 and several photographs she took for some money.
With respect to the due case, the case would not be considered as payments received from personal exertion as the same does not arose from her own skill or talent. Hilary is a famous mountain climber If she would have written it for her own satisfaction and decided to sell later, the answer would be the same as she is selling her copyrights to a person. It would be the same.
Question 2
The formula for calculating the taxable value of car fringe benefit
= {[ cost of the car x 20% x days of private use] / 365} – employee contribution
= {[50000 x 20% x 183] / 365} – 1000
= \$ 4014
Here statutory rate is taken 20% on the basis of assumption the car is purchased after 2014.
Question 3
In the given case the parent lent \$40000 to their son for the purpose of short term housing loan to be repaid after five years. One of the parent that is the mother asked the son to not to pay the interest on the same but after two years the amount of loan was repaid with interest at the rate of 5%.
The assessable income of an individual includes the taxable income for the income year and also the amount of child support provided. The interest to be received if...
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